The country operates a legal system that is premised on English common law. The laws of Ghana are composed of: the Constitution; statutes enacted by Parliament; orders, rules and regulations made by any person or authority with power conferred under the Constitution; the existing law; and Common Law, which is defined as the rules of law...
Bancassurance is a booming business in Ghana. The insurers and banks are actively teaming up in partnerships to offer a wide range of competitive and innovative products. Meanwhile, the regulator has been supporting this distribution method and remains positive that it could help the country to improve penetration and density. Some questions...
Great strides have been made in Ghana in recent years in terms of promoting microinsurance by developing a framework for the segment and introducing new delivery mechanisms. Insurers have eagerly begun to offer new products that will help rural and low-income customers access cover. The country has set a strong foundation for increasing...
What do you see being the major drivers of growth in the insurance sector in the next few years? AVEREYIREH: Life insurance will be the major driver of sector growth in the medium term. Life has been the fastest-growing segment of the sector and we believe that this trend will continue. Culturally, plans such as funeral and...
Growing at one of the fastest rates in Africa, Ghana’s insurance sector continues to do well despite the headwinds faced by the overall economy. Analysts and market participants are expecting years of solid performance as awareness, penetration and density increase toward global averages. Companies in the sector are reporting strong profits...
Social safety nets in many of Africa’s economies are thin. A large informal sector, combined with inefficient administration of universal pension schemes, has limited income support from pensions. Pensions themselves have suffered from stringent portfolio allocation rules and shallow capital markets, which constrain their ability to invest in...
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