Ghana‘s insurance industry, a sector long beleaguered by persistently low penetration rates and rigid regulatory frameworks, is on the cusp of a potential turnaround with the recent appointments of two seasoned industry stalwarts. President John Mahama has named Seth Aklasi, current President of the Ghana Insurers Association (GIA), as the acting Managing Director of Ghana Reinsurance Company PLC, while Dr. Abiba Zakariah steps in as the acting Commissioner of the National Insurance Commission (NIC). Both appointments, pose as a renewed commitment to reforming an industry seen as crucial to Ghana’s economic future.
Seth Aklasi’s new role comes at a time when Ghana Reinsurance Company PLC, the country’s first and largest reinsurance firm, is expanding its regional influence, serving over 300 customers and maintaining corporate offices in Kenya, Morocco, and Cameroon. Known for his robust track record in steering key reforms during his tenure at the GIA, Aklasi now faces the formidable task of boosting re-insurance market by addressing longstanding structural challenges. Industry insiders note that his leadership will be pivotal in driving policy initiatives that will extend to cover the entire industry.
Simultaneously, Dr. Abiba Zakariah takes the helm at the NIC, stepping into a role charged with reviving consumer confidence and expanding insurance uptake nationwide. With over two decades of industry experience, including a successful stint as Group Chief Operating Officer at WAICA Reinsurance Corporation and formative years at SIC Insurance, Dr. Zakariah is well-equipped to balance the need for stringent regulatory oversight with the flexibility required for innovative market reforms. Analysts suggest that her dual mandate of enhancing market growth while potentially revisiting capital thresholds will be critical to ensuring a more competitive and inclusive insurance landscape.
Both leaders bring impressive credentials to their new roles. Seth Aklasi is not only an influential figure in Ghana’s insurance circles but also a driving force behind several industry-wide reforms, while Dr. Zakariah’s academic background and extensive operational experience underscore her capacity to lead transformative change.
As Ghana’s insurance sector braces for these leadership shifts, stakeholders remain hopeful that the combined expertise of Aklasi and Dr. Zakariah will turn persistent challenges into opportunities. The coming months are expected to reveal whether their strategic initiatives can spur a more vibrant, competitive, and resilient market, paving the way for growth that could ripple well beyond Ghana’s borders into the broader African reinsurance landscape.
