Insurance for sub-regional investments in the offing

Investors who intend to set up companies in the West Africa sub-region have something to smile about because they will soon have a special insurance package to protect their capital.

As part of strategies to attract a lot more Foreign Direct Investment into the Sub-Region the West Africa Insurance Companies Association (WAICA) says it will by the end of this year introduce an insurance package to make investments more secured.

Speaking with Joy Business at the opening ceremony of the Association's Sub-Regional Conference, Secretary General William Coker said this should address the biggest fear held by most foreign investors.

According to him the investment guarantee mechanism “is something WAICA is working on with ECOWAS and with the African Trade Insurance Agency in Nairobi.”

The insurance will secure FDIs to Ghana, Nigeria, Gambia, Sierra Leone, etc.

Most countries around the world now consider Africa as the territory in which to invest their monies because of the returns they get.

They are however said to be afraid of losing their investments and thereby require assurance.

Mr. Coker indicated that WAICA “is working to bring in this mechanism to allay such fears. This could enable investors come into the sub-region to invest their monies – assured that they can take their monies out anytime they please, with no inhibitions.”

He added that the insurance is being made possible under the auspices of ECOWAS in collaboration with the Africa Trade Insurance Agency.