A formal pension framework has existed in Ghana since the colonial period, when a number of provident funds were established as a means to provide retirement benefits for the nation’s working class. Since then, the pensions universe has rapidly evolved with the transition to a basic social security scheme in 1965 and the creation in 1972 of...
What factors have contributed to the strengthening of Ghana’s economy, and what challenges remain?
Ghana’s energy sector is in a moment of transition. In 2017 oil was the largest source of energy in the country, at 42.5%, closely followed by biomass at 40.6%. This mainly consists of the firewood that has historically been used to heat homes and small businesses. While some traditional energy sources remain popular, new developments are...
A potential rise in minimum capital requirements has dominated insurance industry discussion throughout 2018, leading some insurers to voice concerns over their ability to meet more stringent regulatory requirements. However, increasing the industry’s capital base has been an ambition of sector regulator the National Insurance Commission (NIC...
The insurance industry in Ghana has plenty of reasons for optimism. A favourable economic backdrop alongside an emerging middle class have helped to boost the sector’s assets, while the World Bank has forecast the continuation of strong economic growth in 2019. Moreover, the country’s insurance penetration rate stands at less than 2%,...
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