The President of the Insurance Brokers Association of Ghana (IBAG), Mr. Stephen Kwarteng Yeboah, recently met with Dr. Mahamud Bawumia, the flagbearer of the New Patriotic Party (NPP), to discuss practical policies to grow Ghana's insurance industry. During the meeting on September 30, Mr. Yeboah raised several key issues affecting the sector. These issues included the high VAT burden on insurance and the need to exempt micro-insurance from VAT.
Mr. Yeboah also discussed the need for a single regulatory body to oversee the industry, citing over-regulation as a major challenge. Additionally, he emphasized the importance of developing agricultural insurance with government support. This, he believes, will help to increase insurance penetration in the country. The meeting provided a platform for IBAG to share its concerns and propose solutions to help grow the industry.
Dr. Bawumia stated that the proposals presented by IBAG make strong policy sense and have the potential to transform the insurance brokerage industry. He assured that he and his team will continue to engage IBAG in further policy discussions for the benefit of the industry and Ghana as a whole. The engagement aims to create a more conducive environment for the growth of the insurance sector.
Some of the other key issues raised by Mr. Yeboah included enforcing the compulsory use of local brokers, compulsory Group Life and Workmen's Compensation insurance, and introducing decennial liability insurance for road construction. These proposals are expected to help increase insurance penetration and reduce the risks associated with various industries.
The meeting with Dr. Bawumia is a significant step towards addressing the challenges facing the insurance sector in Ghana. The IBAG president's efforts to engage with key stakeholders and propose solutions demonstrate the association's commitment to growing the industry. The insurance sector plays a crucial role in the country's economy, and addressing its challenges is essential for economic growth.
Dr. Bawumia's willingness to engage with IBAG and consider their proposals is a positive development for the industry. His team's continued engagement with IBAG will help to ensure that the concerns of the industry are addressed. This engagement is expected to lead to the development of policies that will benefit the industry and the country as a whole.
The outcome of the meeting is expected to have a positive impact on Ghana's insurance industry. The industry has the potential to contribute significantly to the country's economy, and addressing its challenges is crucial for growth. The engagement between IBAG and Dr. Bawumia's team is a step towards creating a more conducive environment for the growth of the insurance sector.
Key points
- IBAG president raises concerns over high VAT burden and overregulation in Ghana's insurance sector
- Dr. Bawumia assures IBAG of continued engagement to address industry concerns
- Proposals presented by IBAG aim to transform the insurance brokerage industry
