An Associate at IMANI, Kay Cudjoe, made the remarks during an interview on Newsnight on Joy FM, following a strong rebuttal from the Managing Director of SIC Insurance Company, James Agyenim-Boateng.

“We are not speaking out of vacuum. We know exactly what we are talking about… there’s more to come,” Mr. Cudjoe stated.

IMANI emphasised that while supporting state-owned institutions is not wrong, such support must be transparent and fair.

According to Mr. Cudjoe, correspondence from the State Interests and Governance Authority encouraging state entities to prioritise SIC could create an uneven playing field in the insurance sector.

“It is not wrong to support state-owned institutions… but that support must be done fairly and transparently, not through quiet hidden instructions,” he said.

Mr. Cudjoe warned that preferential treatment for one insurer could limit competition, affecting both pricing and service quality, and noted that SIC is not wholly state-owned, meaning private shareholders could also benefit.

IMANI Africa, has revealed documents suggesting that the State Interests and Governance Authority (SIGA) has been directing state-owned enterprises (SOEs) to prioritise insurance business with SIC Insurance PLC and SIC Life Company Limited.

The disclosures, part of IMANI’s report The Insurance Question: Competition or Coordination?, focus on a December 11, 2025, SIGA letter instructing SOEs to use these state-owned insurers and requesting compliance reports.

A follow-up letter from SIC Life to GIHOC Distilleries shows the directive being acted upon.

IMANI highlights that such policy-backed steering undermines market competition and raises a potential conflict of interest, as the government both regulates the insurance sector and holds a minority stake in SIC Insurance PLC.

The directive affects over 140 state entities with large insurance portfolios.

However, SIC’s Managing Director, James Agyenim-Boateng, dismissed allegations of political interference as “totally baseless and unfounded,” while acknowledging the SIGA correspondence.

He stressed that SIC staff actively prospect for business like any other insurer and that he was unaware of any official political intervention in contract awards.

Meanwhile, the government’s communications minister, Felix Kwakye Ofosu, has indicated that the President would review the IMANI petition and take “appropriate action where required.”

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The Acting Commissioner of the Commission, Mr Emmanuel Siisi Quainoo, told the Public Accounts Committee (PAC) of Parliament on Tuesday, September 30, 2025, that the investment had not been redeemed despite several follow-ups.

Mr Quainoo explained that when he assumed office, he discovered that the Commission’s investment was still locked up and immediately began efforts to retrieve the money.

“When I took over office, I realised that we had invested GH¢5.165 million with SIC Financial Services Limited, and the investment had not been redeemed.

“I wrote to SIC for the money to be refunded. They replied that their investments had been escrowed at the Ministry of Finance due to the banking sector clean-up,” he told the Committee.

According to him, SIC acknowledged in writing that the Commission was owed but said repayment could not be made until the Ministry of Finance released the funds.

Mr Quainoo said after several discussions with the Audit Committee of the Commission, the matter was referred to the Interior Minister, who directed that it be forwarded to the Attorney-General.

“I have written to the Attorney-General for advice, and the matter is still pending there,” he added.

The Chairperson of the Committee, Mrs Abena Osei-Asare, questioned SIC’s explanation that the banking sector clean-up was to blame, noting that the company’s financial challenges predated the crisis.

“The problem of SIC did not start with the banking clean-up, so that excuse cannot stand. We will be guided by what the Attorney-General advises,” she said.

The Interior Minister, Mr Muntaka Mohammed Mubarak, who also appeared before the Committee, acknowledged that recovering the funds would be difficult since SIC is a state-owned institution.

He said while the Attorney-General had previously advised on possible legal options, including the seizure of assets, the fact that both institutions were government-owned complicated the matter.

The GH¢5.16 million investment has remained unrecovered since 2019.

Source: Graphic.com.gh

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Reports suggest that Mr. Agyenim-Boateng is unable to access the office because it has been locked, with the keys in Hollistar’s possession.

President John Mahama appointed Mr. Agyenim-Boateng on January 24, 2025, marking a significant shift in the leadership of one of Ghana’s premier insurance firms.

In an interview on Accra-based Citi FM, Mr. Agyenim-Boateng revealed that he visited the headquarters to officially introduce himself to the management.

“On January 24, 2025, I was named by His Excellency the President. Afterward, I was in touch with the office and proceeded there. It must have been on a Thursday when I met with the management team.

“When I went there, I had a very good introductory meeting, but it was obvious I could not access the office, which I needed to work from. Therefore, for the most part, I have worked offsite, dealing with critical issues of SIC from another location,” he stated.

However, his predecessor did not attend the meeting, which was expected to facilitate a smooth transition.

“It has become apparent that the real difficulty regarding why I have not been able to access the office is because the person before me, the predecessor, has actually locked up the office and bolted with the keys. It is strange.

“As I speak to you, I haven’t seen any handing-over notes from this outgoing MD. I have seen the handing-over notes of the previous MD,” he added.

Meanwhile, reports suggest that Miss Duah-Yentumi is in court challenging her removal and seeking a restraining order against Mr. Agyenim-Boateng as Acting MD.

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