The government must take advantage of the current economic crisis facing the country to revamp the economy, Economist, Kwame Pianim, has suggested.
To this end, he called for a national discussion based on consensus to come out with solutions to address the challenges facing the country and build a robust economy.
“Such discussions should be devoid of partisanship and should not be political, not limited to the academic, and loud ones such as me, but the silent ones,” he said at the Chartered Insurance Institute of Ghana (CIIG) 2022 awards ceremony held in Accra on Saturday.
Under the theme “Celebrating Excellence in Ghana’s Insurance Industry,” the awards, second in the series was supervised by KPMG.
Mr Pianim who was the guest speaker, said the economy must be developed to incentivise people to create wealth and jobs, particularly the youth, who had brilliant ideas, should be supported to create their own businesses.
“Loans contracted by the government should be invested in critical infrastructure and productive investments that can pay back the loans,” he said.
Mr Pianim said the sector was crucial to the development of the country since it could mobilise long term funds for the country.
He said the country could grow in a steady and continuous manner if it were able to generate funds domestically and not depend on external sources for funds.
Mr Pianim entreated the National Insurance Commission to ensure that individuals and organisations in the country which failed to buy insurance locally for their local and international trade were penalised.
He said there was the need to increase insurance premium in the country from the current two per cent to three per cent, which pertained in other jurisdictions in Africa and to six per cent of the developed economies.
Mr Pianim said Mobile Money institutions, agents and premises should be insured.
“Professional bodies such as hairdressers, bakers, teachers, nurses and bar association should take group life insurance policies,” he said.
He commended the CIIG for the awards and urged players in the sector to exhibit professionalism and integrity.
The Commissioner of Insurance, Dr Justice Ofori in his address lauded the efforts of CIIG to promote professionalism, integrity and excellence in insurance practice in the country.
He also commended the industry players for their cooperation in the recapitalisation programme to ensure a stronger insurance sector, saving jobs and the ultimate protection of the interest of insurance policy holders.
Dr Ofori entreated the CIIG to continue to incorporate strategies that would promote professional and ethical practice in insurance.
The President of CIIG, Mr Tawiah Ben-Ahmed said the objective of the awards was to recognise the enormous contributions of deserving insurance professionals and companies, practitioners and partners contributing to the development of the insurance profession.
He said the vision of the CIIG was to ensure that insurance practice and services were of the highest possible standards and conform to internationally best practice to drive sustained growth of the insurance industry.
Among the organisations awarded were Enterprise Life Insurance, which won the Life Insurance Company of the year, Metropolitan Health Insurance Limited won the Private health insurance company of the year, Olea M&G Insurance Limited won Insurance broker of the year, KEK Reinsurance Limited won the Insurance broker of the year, life category.
The Young insurance professional of the year went to Justice Peprah Agyei of NIC, and Insurance Professional of the Year, Victor Aggrey-Fynn of miLife Insurance and Insurance agent of the Year, Daniel Appiah Agyei of Prime Insurance.
BY KINGSLEY ASARE