Insurance

Ghana is well positioned to develop its insurance sector. According to a 2021 survey conducted by the UN Development Programme, around 70% of Ghanaians do not have access to insurance of any kind, and many of the products available in the market do not respond to the needs of the population. Even so, the sector’s value grew 10-fold between 2011 and 2021. The market has been able to expand its breadth through the introduction of micro-insurance and the digitalisation of services. Moreover, the authorities have worked to overhaul insurance-related legislation through the Insurance Act 2021, which aims to modernise the sector and increase penetration. Much depends on the rollout of reforms implemented in recent years, as well as the sector’s ability to adapt to Ghanaians’ specific needs.

This chapter contains an interview with Justice Yaw Ofori, Commissioner, National Insurance Commission.