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Renowned Economist, Kwame Pianim has called for the need to develop a strong insurance industry to catalyze the development of Ghana. The country should take advantage of the opportunities that the insurance industry brings to develop an economy, he said, adding that it would make the country capable of creating jobs for the youth, besides acting as a strategic mobiliser for medium to long-term funds.
Renowned Economist, Kwame Pianim has called for the need to develop a strong insurance industry to catalyse the development of Ghana. The country should take advantage of the opportunities that the insurance industry brings to develop an economy, he said, adding that it would make the country capable of creating jobs for the youth, besides acting as a strategic mobiliser for medium to long-term funds.
Mr. Pianim was delivering the keynote address at the second edition of the Chartered Insurance Institute’s (CIIG) Insurance Excellence Awards which was held under the theme ‘Celebrating Excellence in Ghana’s Insurance Industry. He said the country needed a very strong insurance sector that would generate the kind of funds needed to finance critical infrastructure projects and productive activities.
He also stressed that the country could grow in a steady and continuous manner if it was able to generate funds domestically and not depend on external sources for funds.
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For the country to have a strong insurance sector, Mr. Pianim said it was necessary to roll out measures that would help increase insurance penetration which is still very low in Ghana at two percent. He, therefore, urged 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.
