Oil and gas exploration in Ghana has come a long way since the West Africa Oil and Fuel Company dug the country’s first documented discovery well, WAOFCO-2, in the Takanita concession in 1896. Located onshore in the Tano River Basin in western Ghana, the well was approximately 35 metres deep and produced 5 barrels per day (bpd).
Ghana’s National Insurance Commission (NIC) has been working in recent years to implement a series of changes aimed at enhancing access to coverage, diversifying products and bolstering awareness in the general public about the importance of insurance. The Covid-19 pandemic further underscored the need to bolster the market. “The financial...
As environmental, social and governance (ESG) concerns become increasingly important in the corporate world, insurance companies are emerging as potentially key players in the shift away from fossil fuel-powered projects. The launch of the UN-convened Net-Zero Insurance Alliance (NZIA) in July 2021 reflects an ongoing shift in the global...
Ghana is well positioned to develop its insurance sector – an imperative made more pressing in recent years due to the Covid-19 pandemic and increasingly frequent weather disasters linked to climate change. According to a 2021 survey conducted by the UN Development Programme, around 70% of Ghanaians do not have access to insurance of any kind...
Financial technology (fintech) has been gaining momentum in Nigeria as start-ups look to create innovative solutions to fill socio-economic gaps such as exclusion from the formal banking system. An estimated 56% of Nigerian adults are unbanked and 36.8% do not have access to financial services. The country’s more than 200 fintech firms – which...
The authorities have been working for years to ease the burden of non-performing loans (NPLs) on the financial system. In 2009, in part due to the global financial crisis, the Central Bank of Nigeria (CBN) bailed out eight distressed lenders by injecting $4bn into the market. The Asset Management Corporation of Nigeria (AMCON) was formed the...
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