Flagbearer of the opposition New Patriotic Party (NPP), Dr Mahamudu Bawumia, has met with the leadership of the Insurance Brokers Association of Ghana (IBAG) to discuss policy measures aimed at expanding Ghana’s insurance industry.
The meeting focused on challenges confronting the sector and possible interventions to strengthen insurance penetration and support the growth of the industry.
President of IBAG, Stephen Kwarteng Yeboah, presented a number of concerns and proposals during the engagement.
Among the issues raised was the high Value Added Tax (VAT) burden on insurance products, with IBAG calling for micro-insurance products to be exempted from VAT.
The Association also raised concerns about what it described as over-regulation of the sector and proposed the establishment of a single regulatory body to streamline oversight.
Other proposals included the development of agricultural insurance with government support and enforcement of the compulsory use of local insurance brokers.
IBAG further called for compulsory Group Life and Workmen’s Compensation insurance, as well as the introduction of decennial liability insurance for road construction projects.
Dr Bawumia said the proposals presented by the Association offered practical policy options for strengthening Ghana’s insurance industry.
He said his team would continue engaging IBAG on the proposals and other policy issues as part of efforts to develop measures that would benefit the insurance sector and the wider Ghanaian economy.
The engagement forms part of Dr Bawumia’s ongoing consultations with stakeholders on policy priorities ahead of the 2028 general election.
