The Commissioner of Insurance (ag.), Mr Michael Kofi Andoh has urged a 12-member steering committee to develop the transformative potential of inclusive insurance with the view to reducing poverty and improving livelihoods.
Speaking at the launch and inauguration of the Committee whose task it is to spearhead the implementation of inclusive insurance in Ghana, Mr Andoh urged the committee to prioritize financial inclusion, particularly in under-served communities.
“It is crucial to fight poverty and create the necessary ingredients for financial inclusion. Inclusive insurance can provide access to essential payment services,” Mr Andoh said.
He highlighted the untapped potential within Ghana’s informal sector.
He also stressed the need to expand agricultural insurance and implement parametric insurance solutions to address the country’s vulnerabilities.
The committee, chaired by Mrs. Stella Jonah, Head of Supervision at the NIC, includes representatives from key institutions. Mr Abdul-Rashid Rahman is the Secretary to the Committee.
Other members include Mohammed Hafiz Issahaku, Head of Innovation at NIC, Kyeame Ghansah, Head of Research at NIC; Mrs Patience Arku-Boham, Head of the Pensions and Insurance Unit at the Ministry of Finance; and Nicholas Nyagblornu, Head of the Intersectoral Collaborations Unit at the Ministry of Health.
The team also features Mr Emmanuel Kofi Asare Abrokwa, Manager of Standards and Compliance at the National Pensions Regulatory Authority (NPRA); Dr Yaw Opoku Boateng, Director of Quality Assurance at the National Health Insurance Authority (NHIA); and Dr. Kingsley Kwabahson, CEO of the Ghana Insurers Association (GIA).
Other members are Leona Lillian Abban, Manager of TURACO Inclusive; Mr. Kofi Akoto Okoampah of the Insurance Brokers Association of Ghana (IBAG); and Ernestina Amankra of the Insurance Awareness Coordinators’ Group (IACG).
The committee is further supported by Mrs. Magdalene Afriyie, Registrar of the Ghana Insurance College (GIC); Yaw Boamah Baafi of the National Communications Authority (NCA); and Ing. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications.
Dr Amina Sammo, Coordinator of the Insurance and Risk Finance Facility (IRFF) at the United Nations Development Programme (UNDP), described the inauguration as a pivotal moment in advancing inclusivity.
“This marks a significant step in empowering people in inner-city and low-income communities across the country,” Dr. Sammo stated.
She commended the partnership between the NIC and UNDP, which has achieved milestones since the promulgation of the Insurance Act, 2021 (Act 1061).
She encouraged committee members to maintain their momentum and ensure that inclusive insurance in Ghana aligns with international standards.
The steering committee was tasked with developing strategies to extend insurance coverage to underserved populations, particularly in the informal sector.
Members are also expected to promote awareness and adoption of inclusive insurance products, contributing to the broader goal of financial empowerment for all Ghanaians.
With this initiative, the NIC aims to address critical gaps in Ghana’s insurance sector while fostering resilience and economic growth.
Source: Myjoyonline
