The newly inaugurated President of the Insurance Brokers Association of Ghana (IBAG), Mr. Stephen Kwarteng Yeboah, has pledged to pursue bold reforms aimed at strengthening professionalism, improving regulation, and advancing the interests of insurance brokers in Ghana.

Speaking at the investiture of new IBAG Council members at the National Insurance Commission (NIC) Auditorium in Accra on Thursday, January 22, 2026, Mr. Yeboah expressed gratitude to the Association’s past leadership and industry stakeholders, describing his assumption of office as both a privilege and a responsibility.

Mr. Yeboah paid glowing tribute to his predecessors, particularly the immediate past president, Mr. Shaibu Ali, and other former IBAG leaders under whom he served for over 14 years.

He also acknowledged the role played by mentors and industry veterans in shaping his career, singling out Nana Appiagyei Dankawoso I, the special guest at the ceremony, for his mentorship and support since his entry into the insurance broking industry 20 years ago.

He further commended former Insurance Commissioner, Mr. Justice Ofori, for his pivotal role in strengthening IBAG’s financial base, notably through the inclusion of the Association and the Ghana Insurance College in the motor fund distribution framework.

Turning to his vision for the Association, Mr. Yeboah outlined key priority areas for his two-year tenure.

These include building the professional capacity of insurance brokers through practical, industry-focused training, in collaboration with the Ghana Insurance University College and experienced practitioners both locally and internationally.

He also announced plans to work closely with the National Insurance Commission to streamline regulation in the sector, particularly addressing the challenges posed by multiple licensing requirements for brokers.

Mr. Yeboah disclosed that the NIC has already invited IBAG to submit proposals aimed at ensuring the Commission remains the sole regulator of insurance broking in Ghana.

Additionally, he called for a review of Ghana’s insurance penetration metrics, arguing that the current fragmented regulation of medical insurance distorts national data and underrepresents the true size of the industry.

He urged policymakers to consider a regulatory reset to reflect international best practices.

Mr. Yeboah also highlighted concerns about the growing disputes surrounding the engagement and disengagement of brokers, stressing the need for clear market conduct guidelines.

He said IBAG would work with the NIC to develop best-practice rules to address these issues as a matter of urgency.

Another major proposal announced was the revival of plans to establish an upstream energy insurance pool for brokers, similar to existing industry structures.

According to him, this would require amendments to the Petroleum (Local Content and Local Participation) Regulations to formally recognise IBAG as a pool broker for upstream oil and gas insurance, ensuring broader participation and shared benefits.

On infrastructure and institutional development, Mr. Yeboah disclosed that IBAG would begin the development of its newly acquired property at Kanda to house a permanent secretariat and support the operations of the Ghana Insurance University College.

He reaffirmed IBAG’s commitment to continuing key initiatives started by previous administrations, including support for the insurance university college, local and international conferences, the annual broker awareness campaign, and the completion of the licensing and operations of IBAG Insure.

In closing, Mr. Yeboah pledged to work closely with the National Insurance Commission and sister industry bodies, including the Ghana Insurers Association and the Chartered Insurance Institute of Ghana, to combat premium undercutting and other unethical practices.

He called on IBAG members to remain united and uphold the highest ethical standards, warning against allowing unqualified individuals to undermine the profession.

“Unity is strength, division is weakness,” he said, urging members to support the new council in building a stronger and more credible insurance broking industry.

The ceremony was attended by representatives of the Ministry of Finance, industry leaders, regulators, and members of the media.