Accra, August 24, 2017 – “The Growth and innovation of the insurance industry will serve as an avenue to develop the domestic capital market.”
The Hon. Deputy Minister for Finance (MP) Atiwa East, made these remarks at the inauguration of the Board of Ghana Re-insurance (Ghana Re) in Accra and challenged them to work assiduously to support the mobilization of national savings towards a cohesive drive to narrowing he investment gap in the economy.
She noted that the insurance industry has become one of the fastest growing industries in Africa, thus spearheading intense competition, continuous growth and production innovation.
The Ghana Re she noted, has about 60% of the re-insurance market share in Ghana as at December 2015. Its international business she added, constitutes 33% of the company’s gross premium, as well as the local market which constituted up to 67%.
Aside its presence in Kenya and Cameroun, the Hon. Minister expressed great optimism that Ghana Re could increase its premium above current levels in other regional markets.
She, however, said for Ghana Re to compete favourably globally and locally in sectors such as the oil and gas market and the construction and industry, its US$52.97 million capital has to be increased substantially.
Whiles affirming government’s support for Ghana Re, she was quick to draw the attention of the Board to the requirement of the Public Financial Management Act, 2016 (ACT 921) as they exercise oversight responsibility over the company.
She said government’s intention is to support the growth of the insurance industry giving the favourable market Ghana has to offer.
The Board Chairman, Mr George Otoo, on behalf of his colleagues thanked President Nana Addo Dankwa Akufo Addo, for the opportunity to serve.
He said Ghana Re over the years has chalked a lot of successes. He, as such, called upon his colleagues to commit to build upon it and endeavor to position Ghana Re to offer the needed financial and human resource to support the insurance industry and lead the company to greater heights.
Other members of the Board sworn in were; Mr George Mensah, Mr. Francis Sapara Grant, Madam Marian Mensah, Mad Jennifer Owusu, Mr, Franklin Hayford. Present at the ceremony were officials of MoF and Ghana Re. END