Ghana’s state-owned reinsurer, Ghana Re, has sworn in new board members as Ghana’s Ministry of Finance re-establishes the board as part of a drive to narrow the economy’s investment gap with national savings.
Board members now include The Board Chairman, George Otoo, and George Mensah, Francis Sapara Grant, Marian Mensah, Jennifer Owusu, and Franklin Hayford.
The Honorary Deputy Minister for Finance (MP) Atiwa East commented that the Growth and innovation of the insurance industry “will serve as an avenue to develop the domestic capital market.”
The board’s establishment comes as the re/insurance industry becomes one of Africa’s fastest growing, bringing the promise of growth, investment, and innovation.
Ghana Re boasts a reinsurance market share in Ghana of about 60%; one-third of the firm’s premiums come from international business, the firm has a strong presence in Kenya and Cameroon.
Finance Minister, East, commented that for the company to expand further within the region it would need to significantly increase its U.S. $52.97 million capital.