Ghana’s eminent Economist, Kwame Pianim has required the need to develop areas of strength for an industry that will secure the growth of the country.
He said the nation ought to make the most of the opportunities that the insurance industry brings to develop an economy that would be fit for creating jobs for the youth.
As per Mr Pianim, the country would have to exploit the industry sector as a vital mobiliser for medium to long haul reserves.
He said the country needs an exceptionally impressive insurance industry that would create the sort of assets needed to finance critical infrastructure projects and productive activities.
Mr Pianim is of the strong believe that Ghana could fill in a consistent and constant way if it had the option to generate funds locally and not rely upon outer hotspots for reserves.
For the country to have a strong insurance sector, Mr Pianim said it was important to carry out measures that would assist with expanding insurance entrance which is still exceptionally low in Ghana (two percent).
He therefore urged the National Insurance Commission to ensure that individuals and organisations in the country which failed to buy insurance locally for their local and international trade were penalised.
He said banks and financial institution should also be made to insure their branches and agents.
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Mr Pianim also urged the NIC to ensure that all church premises that have more than 300 people were were also insured.
“Professional bodies such as hairdressers, bakers, teachers, nurses and bar association should take group life insurance policies,” he stated.
He said all of these would help increase insurance penetration in the country.
In the interim, NIC is giving a valiant effort to guarantee that insurance practice and services were of the greatest potential norms and adjust to international best practice to drive sustained growth of the insurance industry.
