The debate over the appointment process for managing directors of listed State-Owned Enterprises (SOEs) has resurfaced after Hollistar Duah-Yentumi, the outgoing Managing Director of SIC Insurance Company, refused to hand over to the newly appointed MD, James Agyenim-Boateng. Instead, Duah-Yentumi has taken the matter to court, delaying the transition and impacting SIC’s operations.
President John Dramani Mahama appointed Agyenim-Boateng as Acting Managing Director on January 24, 2025, replacing Duah-Yentumi, who was appointed under the previous New Patriotic Party (NPP) administration. Despite the appointment, Duah-Yentumi has reportedly locked her office and allegedly withheld access, complicating the process for Agyenim-Boateng to assume his role.
Duah-Yentumi, however, claims that she attempted to arrange a proper handover with Agyenim-Boateng but was unsuccessful. Reports suggest that access to her office is controlled by biometric credentials rather than a physical key, making it possible for her credentials to be deactivated to grant Agyenim-Boateng access.
Agyenim-Boateng has responded, stating that he has already held meetings with SIC’s management and has been working offsite due to a lack of access to his office. “I gave reasonable notice before convening the meeting with management, and I’ve remained in touch with the office, though I’ve had to operate remotely,” he noted.
Staff members report that Duah-Yentumi declined to attend a transition meeting, which is a standard procedure to ensure a smooth handover between outgoing and incoming CEOs. This has left staff uncertain about leadership, leading to a negative impact on SIC’s operations.
The outcome of this case could set an important precedent, as SIC Insurance is listed on the Ghana Stock Exchange, raising concerns about the governance and appointment practices of executives in listed SOEs.
SIC Insurance Company Limited is one of Ghana’s leading non-life insurance providers, offering products in motor, marine and aviation, fire, and accident sectors. The current leadership dispute poses challenges to the company’s ability to function effectively, as stakeholders await a resolution.
