Chancellor of the University of Cape Coast, Sir Sam Jonah, has opined that the insurance sector is yet to recover from the scars of the Domestic Debt Exchange Programme (DDEP).
He made the remarks while delivering the keynote address at the annual conference of the Insurance Brokers Association of Ghana (IBAG) on Thursday, 26th March 2026.
He has therefore advised industry players to move past “euphemisms” and confront the structural vulnerabilities exposed by the government’s debt restructuring programme.
According to him, while macroeconomic indicators might suggest a rebound, the underlying capital base of many insurance firms remains fragile.
For the industry to move forward, it must first be “frank” about the extent of the damage, he stated.
“The DDEP was a blow to the capital base of many firms — insurers and intermediaries alike,” Sir Sam stated. “Recovery has been underway, and the numbers are encouraging, but we must not mistake recovery for full restoration.”
“I will not soften these. They require honest naming, because problems that are named can be solved. Problems that are spoken around, in whispers and euphemisms, only grow,” he cautioned the gathered executives and brokers.
The renowned business tycoon added that the crisis exposed a “structural vulnerability” that must be addressed immediately to prevent future collapses.
In his recommendations, he stated that there must be a shift of investment strategies away from a heavy concentration in government securities to more varied asset classes.
He further recommended boards to prioritise the building of stronger capital buffers to withstand future economic shocks.
He also noted that risk management and diversification must be “standing agenda items for every board in this industry”.
By: Rainbowradioonline.com/Ghana
