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COVID-19: Insurers discuss impact on industry
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Krif Ghana Limited, distributors of office stationery and equipment, and publishers of Integrity Magazine, has held its 4th Webinar series on the effects of COVID-19 on Corporate Ghana.
Last Tuesday’s event, which focused on the insurance industry, brought on board insurers across the country, who touched on various aspects of the insurance sector, with a call on Ghanaians to “be interested in insurance”.
Experts took turns to explain the present and future outlook of the insurance industry amidst the COVID-19 outbreak.
Rev. Kennedy Okosun, the Chief Executive Officer of Krif Ghana Limited, urged insurance companies to do more in building trust with its stakeholders.
According to him, a well-developed insurance industry was “a requisite necessity in the efforts to improve the stability of the financial markets and protect individuals and businesses from losses” in the difficult times of COVID-19.
He believes the period could be “the catalyst for the insurance industry to cash in as the world is at the mercy of natural disasters and accidents.”
Making further reference to the pandemic, he urged the public to ensure they were “well covered and protected in case of any eventuality.”
Mr Edward Forkuo Kyei, Chief Executive Officer, GLICO Group, also agreed that insurance companies could take advantage of the “opportunities amidst the difficulties.”
He said COVID-19 had opened the doors for the use of various technologies to conduct virtual meetings, which were as effective as face-to-face meetings.
“These turbulent times may very well be the turning point that will drive transformational change across the insurance industry. Those who take a customer-first attitude, reset and fundamentally rethink how they do business will find themselves emerging from a position of strength when the dust settles,” he said.
Mr Shaibu Ali, Chief Executive Officer of KEK Reinsurance Brokers (Africa) Ltd said insurance brokers had as well adopted new approaches to doing business and interacting with clients.
Madam Ernestina Abeh, Managing Director of Enterprise Insurance Company Limited, in her analysis, said the country’s general insurance industry had not been plagued by “large claims as a result of the pandemic” as compared with western markets.
She explained that the pandemic had enabled insurance companies to go digital to reduce operational cost to some extent.
By Spectator Reporter
Minister for Education Haruna Iddrisu has questioned why Ghana continues to import toothpicks despite having the resources to produce them locally.
Speaking in Parliament, Mr. Iddrisu, who previously served as Minister for Trade and Industry, said he feels ashamed that the country still depends on imports for such a basic product.
“I have been Minister for Trade and Industry before and I carry the shame. How come that in Ghana we cannot produce toothpicks and we have to import them?” he asked.
According to him, Ghana has enough resources to support local businesses to manufacture products such as toothpicks instead of relying on imports. He said the country should encourage private sector investment in manufacturing to create jobs and reduce dependence on foreign goods.
Mr. Iddrisu alleged that some people who received government support under private sector initiatives failed to use the funds for their intended purpose.
“If you want, Honorable Kojo, because you… I can’t go there. There are people who took money in the name of the private sector and said they were going to farm. That money never went to their farms. You know that,” he told Parliament.
On job creation, the Education Minister said he agreed with the views expressed by a colleague on the need to create more employment opportunities. However, he argued that the One District, One Factory (1D1F) programme did not provide the solution to Ghana’s employment challenges.
Mr. Iddrisu made the remarks during parliamentary proceedings while contributing to discussions on job creation and the country’s industrial development.
By: Jacob Aggrey
New Patriotic Party (NPP) communications officer, Dennis Miracles Aboagye, has dismissed reports linking him to an alleged GH¢55 million case, insisting that no such issue was raised during his detention by the Economic and Organised Crime Office (EOCO).
In a Facebook post after his release from EOCO custody, Mr Aboagye stated that at no point during his detention was he questioned about any GH¢55 million.
“For the records: There was no discussion of any GH¢55 million with me by EOCO. None,” he wrote.
According to him, he was detained for four days, a day after announcing his intention to contest for the position of National Communications Director of the New Patriotic Party.
Mr Aboagye alleged that false narratives were circulated about his arrest but expressed confidence that the truth would eventually prevail.
He thanked NPP supporters who demonstrated and called for his release, saying news of the protests reached him while he was in detention and encouraged him.
Mr Aboagye indicated that the support shown by party faithful strengthened his resolve and reaffirmed his commitment to serve the NPP.
He maintained that his detention had not discouraged him from pursuing his political ambition.
“If the intention was to break me, it has failed. If the intention was to scare me, it has failed spectacularly,” he stated.
Mr Aboagye expressed appreciation to his legal team, the leadership of the NPP and all supporters who stood by him throughout his detention.
He reiterated his determination to lead the party’s Communications Directorate, declaring that he remained “ready to win” and committed to what he described as the party’s mission to “command the narrative.”
By: Jacob Aggrey
