Ghana’s insurance industry recorded a substantial 22% growth in its investment assets in 2023, reaching a total value of GH₵10.5 billion, up from GH₵8.6 billion in 2022, according to the latest Bank of Ghana’s 2023 Financial Stability Review report.

Ghana’s Insurance industry seems to have weathered the storm of the COVID-19 pandemic and the domestic debt exchange programme.

The life insurance sub-sector led this growth, with investment assets valued at GH₵7.0 billion as of December 2023, compared to GH₵3.5 billion in the non-life sector.

Fixed-income assets remain a common investment strategy across life and non-life sectors.

However, the share of government securities in investment portfolios has seen a notable decline, possibly influenced by the effects of the Domestic Debt Exchange Programme (DDEP).

In the non-life insurance sector, holdings in government securities decreased by 13%, reducing their share from 38% in 2022 to 27% in 2023.

Fixed deposits in this sector now make up 23% of the investment portfolio, with listed securities and investment properties contributing 27% and 19%, respectively.

Similarly, the life insurance sector recorded a 9% reduction in government securities, dropping from 49% of its portfolio in 2022 to 40% in 2023.

This shift has been accompanied by a rise in other asset classes, with investments in properties growing to 23% and fixed deposits increasing by 8 percentage points to 21%.

These shifts indicate strategic diversification in response to market conditions, positioning the insurance industry for resilience and continued growth.

The growth in investment assets and diversification efforts signal the sector’s commitment to adapting to economic dynamics while providing financial stability for policyholders.

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Source: citinewsroom.com

The much anticipated Africa Remittance Conference UK 2024 dubbed “Market of Remittance” will be hosted in London, the capital of the United Kingdom on Saturday September 21, 2024.

It is scheduled to take place at the Canary Riverside Plaza Hotel (E14 8RS) in East London from 12noon to 6pm.

The event is being organized by Akwaaba UK in collaboration with Emergent, OmniBSIC BankGhana Limitedand Unity Link, under the theme“Leveraging Fintech and Banking Partnership for Growth”.

According to the organizers, Akwaaba UK, Africa Remittance Conference UK 2024, is a premium networking brand and the largest gathering of leading players, key and relevant stakeholders in the Remittance industries in the United Kingdom, across Europe and Africa.  

Speaking on the rationale behind the event, the Chief Executive Officer of Akwaaba UK, Mr. Dennis Tawiah, indicated that the annual event is the first of its kind and a platform created for all recognized players in the Remittance Industry in the United Kingdom, Europe and Africa.

“We are excited to be hosting the Africa Remittance Conference UK 2024 after years of working with key players within the sector within the UK, Europe and across the African continent,” he said.

According to him, “We have identified the need to enhance growth and development in the sector. Remittance contributes to ending poverty and hunger, promoting good health, quality education, clean water and sanitation, decent work and economic growth, and reducing inequalities.”

On his part, the International Relations and PR Manager for Akwaaba UK, Chris Koney, highlighted the importance of the Africa Remittance Conference UK 2024and the need for corporate entities to be interested in the conference.

“Strategic partnerships and progress on remittances go hand in hand. Participants at the Africa Remittance Conference UK 2024 will acquire valuable insights, new trends and get to know opportunities in the sector. In addition, the event provides an avenue to explore ways of developing the industry, practitioners and other professionals within the value chain,” he further stated.

In addition to the list of distinguished resource persons and speakers, there will also be Networking and Business-to-Business sessions, Deal Room for Negotiations, Investor Pitching sessions and Exhibition of Innovative Financial and Fintech products and services

The Ghana Shippers Authority (GSA) with support from the Ministry of Transport (MoT) has secured the release of six Ghanaian cargo trucks detained at the Dakola border in Burkina Faso.

In April of this year, the trucks were initially detained by Burkinabe Customs (Douanes) on suspicion of transporting prohibited goods from Ghana into Burkina Faso.

In June 2024, GSA intervened in the detention of twenty trucks carrying unwholesome cargo, flagged by Burkinabe authorities, after Joint Association of Port Transport Unions-Ghana’s (JAPTU-Ghana) efforts to resolve the issue proved unsuccessful.”

To resolve the issue, the Ghana Shippers’ Authority (GSA) and the Ministry of Transport held a series of stakeholder meetings at the Dakola border and Tema port, and collaborated with its Burkinabe counterpart, the Conseil Burkinabe Des Chargeurs (CBC), to secure the release of the detained trucks.

On 20th August 2024, Frederick Atogiyire, Northern Zonal Manager of the Ghana Shippers’ Authority (GSA), led a team to meet with Dr. Kassoum Traore, Director General of the Conseil Burkinabe Des Chargeurs (CBC), and his team to discuss the detained trucks.

Dr. Traore clarified that under Burkinabe law, unwholesome cargo can result in the confiscation of both the cargo and trucks.

He assured the team that progress was being made and that an out-of-court settlement had been reached with the shipper, paving the way for the trucks’ prompt release.

In a media briefing in Tamale, Frederick Atogiyire, Northern Zonal Manager of the Ghana Shippers’ Authority (GSA), announced that the Burkinabe Customs had efficiently processed the trucks for departure, enabling them to resume their journey to Ouagadougou on 25th August 2024, and subsequently return to Ghana on August 29, 2024.

Mr. Atogiyire expressed his appreciation for the Burkinabe Authorities’ concerted efforts in facilitating the trucks’ release.

Source: Citi Newsroom