IMANI alleges SIGA directed state entities to favor SIC, impacting GHS insurance market
IMANI Africa claims the State Interests and Governance Authority (SIGA) instructed state-owned enterprises (SOEs) to prioritize insurance business with SIC Insurance and SIC Life. This move, affecting over 140 state entities, potentially harms market competition and creates an uneven playing field. SIC's Managing Director denies political interference, while acknowledging the SIGA correspondenc...
StatsGH Editor
·
IMANI Africa, a policy group, says the State Interests and Governance Authority (SIGA) told state businesses to use SIC Insurance and SIC Life for their insurance needs. This directive, sent in December 2025, asks over 140 state entities to give their insurance business to these two companies.
IMANI states this instruction could stop fair competition in Ghana's insurance market. They argue that giving special treatment to one insurer can limit choices and affect prices. They also noted that SIC is not fully state-owned, meaning private shareholders would benefit from such a directive.
SIC's Managing Director, James Agyenim-Boateng, said claims of political interference are false. However, he confirmed that SIGA sent the letter. He said SIC staff actively seek new business like other insurance companies.
Supporting state-owned businesses is not wrong, IMANI says. But they stress that this support must be open and fair. The government’s Communications Minister says the President will look into IMANI’s concerns and take action if needed. This situation brings up questions about how the government manages its businesses and ensures a competitive market.
