Vice President, Dr. Mahamudu Bawumia has charged insurance companies in Ghana to intensify their public education efforts on the importance of insurance if they are to increase the uptake of insurance in Ghana.
Addressing an event to outdoor the Enterprise Properties “Advantage Place”, An Architectural Masterpiece, built to reflect the qualities of the thoroughbred and located at 7th Avenue, Ridge West in Accra, Vice President Mahamudu Bawumia said there are several areas of the economy such as the Marine and oil & gas sectors that holds great potential for the insurance industry.
All efforts must therefore be made to tap into the huge market offered insurance companies, the Vice President admonished.
“The public education drive on the importance of insurance must be intensified in order to increase the uptake of insurance in Ghana. Compulsory insurance provisions in the Insurance Act 2006, Act 724, such as insurance for commercial buildings and buildings under construction must be strictly complied with. After all, these are to protect the average Ghanaian’s life and interest.
There is still a considerable scope for deepening the insurance industry in many areas of the economy, including for example the marine, and oil and gas sectors. Let us know how government can help,” Dr. Bawumia stated.
The US Secretary of Commerce, Wilbur Ross, a special guest of the Enterprise Group at the outdooring ceremony, commended the management of the Enterprise Properties Limited for putting up such a magnificent edifice in the heart of Accra.
He emphasized that the United States government under the leadership of President Donald Trump, is committed to deepening its economic ties with Ghana particularly, the development of the insurance sector.