On the second day of the 2026 Insurance Brokers Association of Ghana (IBAG) Annual Conference & Exhibition, Samuel Darko, representing the Office of the Special Prosecutor (OSP), delivered a strong call for reforms in Ghana’s insurance industry.

Darko highlighted growing concerns over corruption and unethical practices that threaten the sector’s integrity and public trust.

He warned that weak compliance and oversight can lead to fraud, inflated premiums, and financial instability.

During his presentation, Darko pointed out common malpractice in the industry, including:

Procurement manipulation — awarding insurance contracts without proper procedures or at inflated values.

Broker kickbacks — steering contracts toward preferred insurers in exchange for hidden commissions.

Fraudulent schemes — such as premium diversion and claims collusion, including staged accidents or inflated repair costs.

Strengthening Compliance

Darko stressed that insurance companies must embed strong compliance cultures and enforce anti-corruption policies.

He emphasised the importance of thorough due diligence, robust Know Your Customer (KYC) checks, and identifying politically exposed persons (PEPs) to prevent malpractice, which he noted are already standard in the banking sector.

He also called on stakeholders to cooperate with regulators, report suspicious transactions, and avoid facilitating illicit funds, stressing that such steps are critical to restoring public confidence in Ghana’s insurance sector.