The Insurance Brokers Association of Ghana (IBAG) has signalled a push to enhance the participation of local brokers in high-value energy projects by revisiting plans for an Upstream Energy Pool, similar to the existing Ghana Oil and Gas Insurance Pool (GOGIP).
Announcing the initiative at his inauguration in Accra, newly inducted IBAG President Stephen Kwarteng Yeboah said the move is aimed at building collective capacity among brokers and ensuring that Ghanaian firms play a meaningful role in the upstream oil and energy sector.
“We believe this approach ensures that all brokers benefit from the blessings of our upstream oil resources,” Mr Yeboah said, describing the plan as part of a broader strategy to strengthen professionalism and competitiveness in the broking industry.
He also emphasised the importance of regulatory reforms to restore confidence in the insurance broking space. His agenda, he said, will prioritise transparency, risk-sharing, and sustainable growth to position brokers for active engagement in capital-intensive and high-risk sectors.
The initiative reflects IBAG’s efforts to deepen the local insurance market’s involvement in strategic industries while protecting domestic brokers from being crowded out by foreign firms.
Mr Yeboah’s reform-driven leadership seeks to combine enhanced regulatory oversight with industry innovation, ensuring that brokers can maximise opportunities arising from Ghana’s growing energy sector.
