About Us

Management

NIC has a strong and capable management that provides oversight for the Commission. The Management Team has been effective and has contributed to establishing fairly good corporate governance. They include:

Mr. Michael Kofi Andoh– Ag. Commissioner of Insurance

Michael Kofi Andoh has worked with the National Insurance Commission (NIC) since 2000 and has served in various capacities, which includes Head of Supervision as well as Deputy Commissioner.

He is currently the Acting Commissioner of Insurance.

He has been involved in a number of projects to develop the insurance market and improve access to insurance in Ghana. He has been actively involved in the design and implementation of a Risk Based Supervisory framework for the Ghanaian insurance industry. He has also played a leading role in the design and implementation of Ghana’s microinsurance regime.

He holds a BSc in Business Administration from the University of Ghana Business School, and an MBA from the University of Leicester in the United Kingdom. He is also a Fellow of the Certified Chartered Accountants, (FCCA) and an Associate of the Chartered Insurance Institute (ACII) in the United Kingdom, a member of the Ghana Institute of Taxation and an Associate of the Toronto Centre. Prior to joining the NIC, he worked with KPMG for three years.


Naa Shormeh Gyang (Mrs.) – Head, Legal & Human Resource/ Board Secretary

Mrs. Gyang is a Barrister at Law and a Solicitor of the Supreme Court of Ghana with over 26 years Corporate Law practice.

She is a Member of the Ghana Bar Association (GBA). She started her legal career in 1990 with Legal Aid Ghana, as a Legal Aid Officer.

Prior to joining the NIC in 2018, she had worked with Merchant Bank Ghana Limited (now Universal Merchant Bank) in key management positions after having risen through the ranks when she joined the Bank in 1991 as a Legal Officer. Mrs. Gyang provides support on the Legal, Regulatory and Governance Functions of the Commission.


Dr. Mahama Wayo – Director of Finance

Dr-Mahama-Wayo-NICDr. Mahama Wayo joined the Commission on 15th March, 2018 as the Head of Finance. He is responsible for the accounting and finance functions of the Commission. Before joining the Commission, he had worked as the Director of Finance of Tamale Technical University.

Dr. Mahama Wayo holds a Doctorate of Finance from the Swiss Management Centre University, and is a member of the Institute of Chartered Accountants, Ghana. He also holds an MBA in Accounting from the University of Ghana and, a Bachelor of Commerce (B.Com) and a Diploma in Education from the University of Cape Coast. Dr. Mahama Wayo has the skills of detecting fraud and manipulation in financial statements.


Mrs. Stella Jonah – Head of Supervision

Mrs. Stella Jonah joined the National Insurance Commission (NIC) in 2007 and previously worked in various Departments including Supervision, Audit, Finance & Administration and the Office of the Commissioner of Insurance. Mrs. Jonah has several years’ experience in insurance regulation and supervision, and has been instrumental in Industry-related causes and continues to play roles as a Member of key Industry Committees.

She holds a Bachelor of Arts degree and a Bachelor of Laws (LLB) degree.
She is a Chartered Insurer and an Associate of the Chartered Insurance Institute, United Kingdom (ACII).
She is a Fellow of the Chartered Insurance Institute of Ghana (FCIIG) and an International Fellow of the National Association of Insurance Commissioners (NAIC), USA.


Mr. George Quayson Otoo – Internal Auditor

George Quayson Otoo has over 24 years of experience at the Commission and the Insurance industry, including 14 years in a managerial capacity.

Before his appointment as the Internal Auditor of the Commission, Mr. Quayson Otoo worked at the Finance & Administration Department where he rose through the ranks to become a Senior Manager.

He was very instrumental in setting up the Finance Department and responsible for the preparation of the IPSAS (International Public Sector Accounting Standards) Financial Statement in 2019, ahead of the deadline for Public Institutions in 2021.

He has been very keen in industry-related advancement over the years and served as a Member of the Client Rescue Committee. He played key roles in preparing the yearly financial reports on behalf of both the Motor Compensation and the Fire Control Funds.

He holds a Master of Business Administration awarded by the University of Ghana, a Diploma in Applied Insurance Studies from the Malta International Training Centre / Ghana Insurance College. Mr. Otoo is amongst the first batch of graduate students from the University of Professional Studies (UPSA) who pursued the Bachelor of Science degree in Accounting.

He is a Chartered Accountant and a Member of the Institute of Chartered Accountants (ICA), Ghana.

He is also a Member of the Institute of Internal Auditors (IIA), Ghana, as well as the Global Internal Auditors (GIA).


Mrs. Esther Armah – Head, Reinsurance & AML

Esther-Armah-NICMrs. Esther Armah holds a Bachelor of Arts degree in Economics & Sociology and a Diploma in Education from the University of Cape Coast, and an MBA from GIMPA.

She is also an Associate of the Chartered Insurance Institute (ACII), U.K. and has worked with the NIC for over two decades in regulatory reporting, prudential supervision and the implementation of supervisory policies and procedures.

She heads the Reinsurance and Anti-Money Laundering Department which ensures that regulated entities have adequate procedures and programs in place to prevent them from being used for Money-Laundering and the Financing of Terrorism among others.