Dr. Manteaw argues that SIC Insurance, being a publicly listed company, must adhere to strict corporate governance rules, and any government interference could lead to legal challenges. He emphasized that appointments to public sector institutions should follow the proper procedures through the Public Services Commission, not through political channels.

In a Facebook post, Dr. Manteaw expressed his dismay, stating, “I hear the presidency has made an appointment to SIC. If this is true, then it’s unfortunate. That company is listed.” He further explained that listed companies like SIC should be governed by their boards on behalf of shareholders, not by political appointees. He pointed out that politicians often bypass the Public Services Commission by making appointments directly and later seeking retroactive approval, a practice he described as problematic. “The Supreme Court ruled on this in 2021, but who will have the will to implement it?” he questioned.

Dr. Manteaw also addressed arguments that state-owned enterprises like SIC, GCB, and GOIL are not fully insulated from government influence. He countered that any government actions violating the rules governing listed companies can be legally contested. He acknowledged that while these companies may not be performing at their peak, they have significantly improved since being listed, moving from near collapse to financial stability. “They are off the government budget, freeing up fiscal space for critical development programs,” he noted, adding that they are no longer posting losses as they once did.

Meanwhile, the leadership transition at SIC Insurance has descended into chaos. The immediate past Managing Director, Hollistar Duah-Yentumi, has filed an injunction application against the company and her successor, James Agyenim-Boateng. Reports reveal that Duah-Yentumi has locked the MD’s office and withheld the keys, preventing Agyenim-Boateng from assuming his role. During an interview on Citi Eyewitness News, Agyenim-Boateng recounted his unsuccessful attempt to introduce himself to the management team, as Duah-Yentumi refused to attend the meeting. He also disclosed that she has failed to provide her handover notes, leaving staff in limbo.

“It has become apparent that the real difficulty regarding why I have not been able to access the office is because my predecessor has actually locked up the office and bolted with the keys. It is strange,” Agyenim-Boateng stated. The situation has escalated with Duah-Yentumi filing an interlocutory injunction at the High Court, seeking to bar Agyenim-Boateng from acting as Managing Director. Her lawyer, E.N. Poku Esq, has requested an order preventing SIC Insurance from recognizing him in the role.

The unfolding drama at SIC Insurance highlights the broader challenges of political interference in corporate governance and the difficulties of ensuring transparent leadership transitions in state-linked enterprises. As the legal battle intensifies, stakeholders are left wondering how the company will navigate this turbulent period and what it means for its future stability.