Insurance Brokers in Ghana have called on the Government to introduce measures in the 2023 Budget Statement and Economic Policy to protect people’s investment in the insurance sector.
The call comes as Ghana prepares to implement a homegrown
economic policy under an International Monetary Fund (IMF) loan support
programme to restore macroeconomic confidence and lessen the current hardship
facing Ghanaians.
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Data provided by the National Insurance Commission (NIC)
shows that the insurance sector, which at the end of 2020 had an asset of GH¢8
billion and premium of GH¢4.2bn, contributed two per cent to Gross Domestic
Product (GDP).
Mr Shaibu Ali, the President of Insurance Brokers Association
of Ghana (IBAG), who underscored the contribution of the insurance sector to
economic growth and the support it gave to people in times of disasters, asked
the Government to make sure that any restructuring did not affect the sector.
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He said this in an interview with the Ghana News Agency at a
media soirée, which was to deepen the relationship between IBAG and the media
fraternity and formed part of activities for this year’s Broker Awareness
Month.
Mr Ali said: “We appreciate that there’s a problem and that
problem must be fixed heads on, but our investments must be protected by the
Government.”
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He noted IBAG had started educating students in various
Senior High Schools across the country to clarify the myth about insurance and
said: “We need to demystify insurance, and we believe we can do this by getting
closer to the younger ones still in school”.
Mr Stephen Kwarteng Yeboah, the Vice President of IBAG, who
emphasised the need to protect the investment in the insurance sector asked the
Government to exclude the sector in any restructuring exercise.
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“Because we cannot pay for the cost of borrowing, if there
is any restructuring, the insurance sector should be totally isolated,
otherwise it’s going to be a disaster for the nation,” Mr Yeboah said.
He added that: “When it comes to the insurance, it is very
delicate and the day that people lose hope in the insurance company we are
dead, and because we’re already having problems with trust in the public,
insurance is our last hope when everything is gone.”
Meanwhile, President Nana Addo Dankwa Akufo-Addo, has
assured that talks with the IMF would not lead to any investor losing money
through a reduction in the face value of government bonds (hair cut).
Source: GNA // Ghanabusinessnews
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