ICOGU Leadership undertakes high-level benchmarking trip to Ghana

14th, May 2024 Share This

The leadership of the Insurance Consortium for Oil & Gas Uganda (ICOGU) went on a benchmarking trip in Ghana to learn from the successes, challenges & management of the Ghana Oil and Gas Insurance Pool (GOGIP). The delegation comprised the Chairman UIA - Latimer Mukasa, Consortium Manager - Ronald Musoke, ICOGU TC Member - Bayo Foyalan, CEO UIA - Jonan Kisakye, Carol Tayebwa & James Maguru from UAP-OM. Chairman Life Committee - Emmanuel Mwaka & Director Supervision, IRA - Benerd Obel.

Day One of the trip saw the ICOGU Delegation hold an engagement with the Ghana Oil Gas Insurance Pool (GOGIP) led by Head of the Pool - Kwabena Larbi aimed at sharing the ICOGU experience from inception to date, understanding the GOGIP set-up, structure, management, challenges, solutions, opportunities, prospects and discuss ESG matters like Environmental Management. Technical Committee Chairman – Paul Kavuma took the lead on this one. In a separate engagement, the ICOGU Delegation met with the GOGIP Leader - Enterprise Insurance led by Managing Director - Akosua Ansah Antwi to understand their role & share with them the experience of the ICOGU Leader.

Head of Ghana Oil Gas Insurance Pool (GOGIP) - Kwabena Larbi speaking at the engagement
ICOGU Technical Committee Chairman – Paul Kavuma delivering his remarks

The final engagement of Day One was with Enterprise Life Insurance led by the General Manager, Operations - Solace Odamtten-Sowah & General Manager, Distribution - Francis Akoto Yirenkyi. This was to understand how Ghana’s Life Insurance industry has taken advantage of the Oil & Gas opportunities. Chairman, Life Committee UIA & CEO ICEA Lion Life - Emmanuel Mwaka led the Ugandan delegation.

Enterprise Life Insurance's General Manager, Operations - Solace Odamtten-Sowah speaking at the engagement
Chairman, Life Committee UIA & CEO ICEA Lion Life - Emmanuel Mwaka speaking at the meeting
Group Photo moment on Day One 

On Day Two, the ICOGU Delegation met with the Petroleum Commission of Ghana led by Deputy CEO - Prince Benjamin Aboagye & Director, Local Content - Kwaku Boateng. At this engagement, the ICOGU Delegation led by UIA Chairman – Latimer Mukasa sought to understand the legal and regulatory environment for the Oil & Gas sector in Ghana, their National and Community Content Commitments, how they apply to the Oil & Gas Insurance players & how the regulations have facilitated the growth of the GOGIP pool among others. 

Petroleum Commission of Ghana Deputy CEO - Prince Benjamin Aboagye speaking to the ICOGU delegation
Petroleum Commission of Ghana Director, Local Content - Kwaku Boateng speaking at the engagement
Group Photo moment at the end of the engagement

Day Two also saw the ICOGU Delegation spearheaded by IRA Director, Supervision - Benerd Obel meet with the National Insurance Commission of Ghana (NIC Ghana) to appreciate the regulatory aspects in the management of the GOGIP pool, the insurance legal and regulatory regime in the underwriting of Oil & Gas Insurance, the licensing requirements for Oil & Gas insurance players, covering of life insurance risks in Oil & Gas as well as share the legal and regulatory regime for ICOGU & how the regulator (IRA) has facilitated the growth of the pool. NIC Ghana was led by Acting Commissioner of Insurance - Michael Kofi Andoh, Head, Supervision - Stella Jonah & Head, Reinsurance - Esther Armah.

IRA Director, Supervision - Benerd Obel delivers his speech at the engagement
National Insurance Commission, Ghana Acting Commissioner of Insurance - Michael Kofi Andoh speaking at the engagement
National Insurance Commission Head, Reinsurance - Esther Armah delivering her speech
Group Photo moment after the engagement

On Day Three, the ICOGU Delegation had an engagement with Ghana Insurers Association (GIA). This was led by GIA CEO - Dr. Kingsley Kwesi Kwabahson, UIA Chairman – Latimer Mukasa & CEO – Jonan Kisakye. Discussions revolved around the mandate of the Associations, their role in oil and gas pool & other insurance consortiums, revenue generation and creating value for members amongst other areas of common interest.

Ghana Insurers Association CEO - Dr. Kingsley Kwesi Kwabahson giving his remarks
Group Photo moment

The first engagement of Day Four was a meeting with Ghana Reinsurance Company. The Ghana Re Team was led by Acting MD - Monica Amissah & Deputy MD (Finance & Administration) - Joseph Adom. ICOGU Manager & CEO of Uganda Reinsurance Company Limited - Ronald Musoke took the lead as the ICOGU Delegation sought to familiarize themselves with the role of Ghana’s National Reinsurer in Oil & Gas Underwriting.

Ghana Reinsurance Acting Mananging Director - Monica Amissah speaking at the engagement
Ghana Reinsurance Deputy Managing Director (Finance & Administration) - Joseph Adom at the engagement
Group Photo moment at the end of the engagement

For the last official engagement of the final day of the trip, the ICOGU Delegation led by UIA Board Chairman – Latimer Mukasa & UIA CEO – Jonan Kisakye met with the Ghana National Petroleum Corporation led by CEO - Joseph Dadzie. He was joined by Manager, Risk & Insurance - Benjamin Nti & General Manager - Alex Prempeh Kwarteng. Head of GOGIP - Kwabena Larbi was also present. The meeting was to gain more insight into the role and mandate of the GNPC in the Petroleum sector in Ghana, the legal and regulatory environment for GNPC, its responsibility in the current exploration & production eco-system, explore the relationship between GNPC and GOGIP and understand the Local Content and National Content requirements for GNPC insurance suppliers.

Ghana National Petroleum Corporation CEO - Joseph Dadzie speaking at the meeting
Ghana National Petroleum Corporation Manager, Risk & Insurance - Benjamin Nti at the meeting
Group photo moment at the end of the meeting

The trip was then concluded with a farewell dinner at Sandbox Restaurant by the Atlantic Ocean. The dinner was attended by the Commissioner of National Insurance Commission of Ghana - Michel Andoh, Head of GOGIP - Kwabena Larbi & a team from the Petroleum Commission of Ghana.

Commissioner of the National Insurance Commission of Ghana - Michel Andoh speaking at the farewell dinner