While development specialists agree there is no panacea that can produce economic development, the inclusion of increasingly larger numbers of people into the financial system has certainly been a key factor in the development of emerging markets. One of the main ways of achieving this has been to find increasingly innovative means to access...
One of the more innovative features of Africa’s financial services industry, including Ghana’s insurance sector, is the role that mobile telecommunications companies have played in its development. It is not difficult to see why; with Ghana’s mobile penetration rate reaching 100% in 2013 (inclusive of multipleSIM card holders), these partnerships...
In 2013 Ghana’s National Insurance Commission (NIC), the primary regulator of the Ghanaian insurance market, unveiled an ambitious set of regulatory goals. New standards on regulations, from fire insurance to minimum capital requirements for insurance companies, have been proposed. For the NIC, the shift is part of a broader move to improve...
In a ceremony held on February 6, 2013 the government declared a national microfinance day as it released new rules for the microinsurance sector. The National Insurance Commission (NIC) – the primary government agency behind the push – sees the new emphasis on microinsurance as part of a broader effort to expand insurance penetration rates in the...
Even in spite of continued turbulence in global markets, Ghana’s banking sector has been consistently profitable over the past year and continues to show steady growth across all areas. High-yield Treasury bills have enabled banks to make good returns on investments, although high commercial interest rates on loans remain a sticking point for many...
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