The Managing Director of SIC Life Insurance, Solomon Twum Barima, has revealed that the Ministry of Finance verbally encouraged state institutions to conduct business with the insurer during the inauguration of the company’s board.

Speaking on PM Express on April 7, 2026, Twum Barima however confirmed that there was no official documentation from the Ministry of Finance to support the instruction.

“When the Board of SIC Life was being inaugurated, the Deputy Minister of Finance noted or directed that state entities should do business with SIC Life Insurance. There is no written directive from the Ministry of Finance,” he said.

According to him, similar verbal guidance was also given during the inaugurations of boards of several state-owned banks, including Consolidated Bank Ghana, GCB Bank, National Investment Bank, and Agricultural Development Bank, urging state entities to channel business through them.

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Twum Barima suggested the comments were part of a broader effort by the government to strengthen state-linked financial institutions, implying that the situation involving SIC Life was not unique.

However, the disclosure raises further questions about the origins of the directive that has stirred debate in Ghana’s insurance industry.

Earlier attention had focused on a December 11, 2025, letter from the State Interests and Governance Authority instructing state-owned enterprises to prioritise state-owned insurance companies.

Critics argue that the absence of a written ministerial directive deepens governance concerns. Policy think tank IMANI Africa has already petitioned President John Dramani Mahama over the matter.

Finance Ministry directed SOEs to do business with SIC; Order was verbal - SIC Life MD, Solomon Twum Barima.

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