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Formalise informal sector for insurance growth – Govt told

By Morkporkpor Anku, GNA

Accra, Aug. 08, GNA
– Mr Solomon Lartey, the Chief Executive Officer of Activa Insurance, Tuesday,
urged the Government to formalise the informal sector to enable insurance
companies design products targeted at Small and Medium-scale Enterprises.

He said insurance
must be seen as a tool to encourage private sector investment in national
development; a tool to grow and sustain SMEs and a tool for financial
inclusiveness.

Mr Lartey was
speaking on the second day two of the Ghana Economic Forum (GEF) on the theme:
‘Building A Ghanaian Owned Economy, 60 Years After Independence’, in Accra.

He said players in
the insurance industry also needed to educate the public and create awareness
on the relevance of insurance to their lives and property.  

The event brought
together more than 500 local and international business leaders to dialogue and
chart a clear path for Ghanaian businesses to own the Ghanaian economy.

Some strategic
issues that were discussed during the plenary sessions included: Macroeconomic
trends affecting the global economy; the attributes that have allowed emerging
market companies to play an increasing role on the international stage; the
rise of the Ghanaian urban consumer; and the interrelated social and demographic
changes creating new domestic engines of growth.

Speaking on: ‘The
Role of Insurance in National Development: 60 years on,’

Mr Lartey said the
Government must provide a conducive environment for insurance companies to
strive and drive in the national developmental process.

He said Ghanaians
generally considered insurance as a foreign ideology, though the national
culture promoted a safety net that safeguarded its people.

“The Ghana
Association of Insurers has set up the agriculture insurance pool to provide
insurance to the agriculture sector,” he added.

He urged the
Government and MMDAs to take advantage of the low cost of insurance to protect
national assets.          

He said insurance
companies needed to strengthen their operations to be able to serve their
clients effectively.

Dr Albert Gemegah,
the Dean of Graduate School, Wisconsin International University College, said
insurance companies needed to take a look at the whole area of micro-insurance
for SMEs and other informal industry players.

He said industry
players would have to design appropriate products and services that were
appealing to all segment of the public.

“Micro-insurance is
key to providing protection to the people in the informal sector,” he
emphasised.

He said the
industry should encourage people to go beyond taking third party
insurance.    

Mr. Simon Davor,
the Deputy Commissioner, National Insurance Commission, said the Commission
would continue to monitor players in the industry to enable them provide better
services to its clients.

GNA

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