The Rector of the Ghana Insurance University College (GIUC), Dr. Richard Okyere, has encouraged Ghanaian youth to pursue courses in insurance, particularly actuarial science, to address the shortage of skilled manpower in the sector. He made this call in an interview with the media on the admission process and programmes offered by GIUC. The university, established earlier this year, aims to develop professionals for Ghana's insurance and financial sectors.
GIUC originated from the Ghana Insurance College, established in 2006 by key industry stakeholders, including the National Insurance Commission (NIC), Ghana Insurers Association (GIA), Ghana Insurance Brokers Association (GIBA), and the Chartered Insurance Institute of Ghana (CIIG). Dr. Okyere noted that the university is uniquely positioned, being owned by the insurance industry, creating a direct link between academia and the profession.
The university has introduced degree programmes in specialised areas, including BSc Actuarial Science with Insurance and Statistics with Insurance. These programmes aim to respond to the shortage of actuarial professionals in Ghana and across Africa, which affects the industry's ability to price insurance products properly and assess financial risks. Dr. Okyere stated that the aim is manpower development and technical expertise to help manage financial risks in Ghana's markets.
Ghana's low insurance penetration, currently below one per cent, presents significant opportunities for young professionals. Dr. Okyere noted that increasing penetration could significantly expand the size and strength of the industry. He also mentioned that the shortage of local expertise often forces insurance and financial institutions to rely on professionals from countries such as the United Kingdom, South Africa, and the United States.
Dr. Okyere emphasised that developing local expertise would help retain foreign exchange, strengthen the industry, and enable Ghana to compete more effectively in the global market. The university is incorporating emerging areas such as artificial intelligence, financial modelling, predictive modelling, and data analytics into its programmes to prepare students for future jobs.
Graduates of GIUC will receive a BSc degree jointly issued with the University of Ghana, alongside a professional diploma in insurance administered with an overseas professional body. Dr. Okyere urged parents and prospective students to consider GIUC due to its close links with the industry and the professional opportunities available to graduates.
The university's broader objective is to produce the skilled workforce required to expand insurance coverage and strengthen financial risk management in Ghana. Dr. Okyere added that experienced actuaries, statisticians, insurance practitioners, chief executive officers, and academics will be involved in teaching and mentoring students, providing them with added leverage in the job market.
Key points
- Dr. Richard Okyere urges Ghanaian youth to pursue insurance courses to address skilled manpower shortage.
- GIUC offers degree programmes in specialised areas, including BSc Actuarial Science with Insurance and Statistics with Insurance.
- Ghana's low insurance penetration presents significant opportunities for young professionals.
