Policy institute IMANI Africa has formally petitioned President John Dramani Mahama over what it describes as troubling developments in the procurement of insurance services by state institutions.
In the March 30, 2026, petition, acknowledged days later by the Presidency, IMANI’s Founding President, Franklin Cudjoe, cautioned that public sector insurance placements are increasingly veering away from established legal frameworks.
He stressed that under the Public Procurement Act, 2003 (Act 663), such processes must remain competitive, transparent, and rule-based, not subject to discretion or informal direction.
“Insurance procurement by public institutions is not a discretionary exercise,” he emphasised, warning that subtle policy signals may be turning into enforceable directives in practice.
A key trigger for the petition is a directive issued in December 2025 by the State Interests and Governance Authority (SIGA), which encouraged State-Owned Enterprises to prioritise SIC Insurance PLC and SIC Life.
While framed as guidance, IMANI believes the directive is already influencing decisions across multiple institutions, raising concerns about declining competition and a perceived bias toward state-owned insurers.
The think tank warned that the trend “may, in practice, be evolving into operational direction,” creating a system where market outcomes appear pre-determined.
The petition points to the Ghana National Gas Company as a prominent example. According to IMANI, a previously competitive and structured insurance programme managed by GLICO General Insurance Ltd was discontinued at the end of 2025 and replaced with a new arrangement from January 2026.
This shift, IMANI argues, raises serious questions about due process. Among them are whether proper tendering procedures were followed, whether contracts were lawfully terminated, and whether Ghana’s obligations to international reinsurers were fully honoured.
“Any perception of instability introduces long-term cost,” the petition noted, highlighting the importance of trust and predictability in financial systems.
IMANI further cautioned that such developments could weaken Ghana’s standing in global financial markets, potentially leading to higher reinsurance premiums, reduced underwriting appetite, and stricter coverage conditions for critical national assets.
The petition also references concerns from GLICO about third-party involvement in reinsurance placements, particularly where actors may wield both regulatory authority and commercial interest. If proven, IMANI warns, such conduct could violate provisions of the Insurance Act, 2021 (Act 1061).
Ultimately, IMANI is urging President Mahama to step in and ensure that procurement processes remain transparent, competitive, and firmly grounded in law, warning that failure to act could erode confidence in Ghana’s insurance and procurement systems
