Bawumia outlines policy proposals to grow Ghana’s insurance industry

Former Vice President and 2028 presidential candidate of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has outlined a number of policy proposals aimed at growing Ghana’s insurance industry.

The proposals followed his meeting with the leadership of the Insurance Brokers Association of Ghana (IBAG) on Tuesday, September 29, as part of his ongoing consultations with professional groups and stakeholders.

IBAG is the national trade association for licensed insurance brokers in Ghana.

In a social media post on Wednesday, September 30, Dr Bawumia noted that the engagement focused on practical measures that could address challenges confronting the insurance brokerage sector and expand its contribution to the Ghanaian economy.

He said the IBAG President, Stephen Kwarteng Yeboah, raised concerns about the high Value Added Tax (VAT) burden on insurance products and proposed an exemption for micro-insurance.

Other proposals included reducing regulatory burdens through a single regulatory body and developing agricultural insurance with government support.

The discussions also covered the compulsory use of local insurance brokers, mandatory Group Life and Workmen’s Compensation insurance, and the introduction of decennial liability insurance for road construction projects.

“These proposals make strong policy sense and have the potential to transform the insurance brokerage industry,” Dr Bawumia said.

He said the proposals would form part of further policy discussions with IBAG as he continues his engagements with stakeholders ahead of the 2028 elections.

“My team and I will continue to engage IBAG in further policy discussions for the benefit of the industry and Ghana as a whole,” he added.