The National Insurance Commission (NIC) of Ghana, the country’s regulatory authority for the industry, reportedly has announced a new set of regulations that aims to formalize and facilitate the sale of microinsurance products. According to a statement attributed to Yvonne Quansah, director of the Financial Sector Division at Ghana’s Ministry of Finance and Economic Planning, the Ghanaian government plans to continue to partner with stakeholders in the financial sector to “unleash their potentials.” Further details on the new regulations have not been released. The announcement was made on “Ghana Micro Insurance Day,” an event hosted by NIC and the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), an international cooperation agency of the German government, to promote microinsurance in the nation.
The event also included the release of the book “Promoting Microinsurance in Ghana – Microinsurance as a Means for Insurance Sector Development,” which addresses the principles of good microinsurance practice from both international and Ghanaian perspectives. The book is not available online.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
“Promoting Microinsurance in Ghana,” http://www.microfinancegateway.org/gm/document-1.9.61118/Promoting%20Microinsurance%20in%20Ghana_Full%20Book.pdf
Modern Ghana: “National Insurance Commission Launches New Micro-insurance Regulatory Regime,” http://www.modernghana.com/news/443869/1/national-insurance-commission-launches-new-micro.html
MicroCapital.org story, December 31, 2012, “MICROCAPITAL BRIEF: Bank of Ghana Shuts Down 7 Microfinance Companies for Failure to Obtain Licenses,” https://www.microcapital.org/microcapital-brief-bank-of-ghana-shuts-down-7-microfinance-companies-for-failure-to-obtain-licenses/
MicroCapital.org story, November 28, 2012, “MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils ‘Edusave’, Incorporating Insurance, Savings, Education Finance,” https://www.microcapital.org/microcapital-brief-microensure-ghana-unveils-edusave-incorporating-insurance-savings-education-finance/
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