Insurance for Social Change? Reflections on Ghana’s State Insurance since 1962

Abstract

This article examines the origins of Ghana’s State Insurance Corporation (SIC) and the National Health Insurance Scheme and their contributions towards the Country’s national development. Relying on the qualitative research approach and bits and pieces of data from multiple sources of historical research, it discusses the nature of the Insurance business before 1962, factors contributing to the state’s participation in the insurance business, and the effects of government’s policies on insurance since the 1960s. The article enables an understanding of the growth of the insurance business in Ghana since the midtwentieth century. It provides historical data to guide decision-making strategies on insurance and explains the outcomes of government and private businesses interests in Insurance policies. It argues that the Ghana government’s participation in the insurance business has, since 1962, contributed significantly to the welfare of citizens and Ghanaian society as a whole.