Business News Mon, 19 Jul 2021

Finance Minister named as Africa Trade Insurance Agency board chair

The Africa Trade Insurance Agency at its 21st Annual General Meeting confirmed Ghana’s Finance Minister, Ken Ofori-Atta, as its Board Chairman; with the Minister of Finance and Economic Planning of Republic of Rwanda as Vice Chairman.

ATI at that meeting reaffirmed its role in economic transformation of the continent; ensuring effective trade and investment, and making the continent more resilient in a COVID-19 prevalent era.

The company ATI is based in Kenya and has a pan-African membership to provide credit and political risk insurance to support trade and investment in Africa.

It manages both short- and medium-term effects of the pandemic on its balance sheet; and closes the year with a net profit of US$39.4million and gross exposure of US$6.3billion.

The AGM also approved the proposed dividend distribution of US$9.9million, an annual increase of 139% from 2019. This growth reflects ATI’s resilient and the boss’s confidence in the underlying strength of the business.

Among the key highlight of the 21st AGM were the following: a record gross written premium of US$125.6million, representing a 12% increase between 2019 – 2020; a return on capital of 12.6% despite 80% growth in equity. The Institution maintained its A stable rating by Standards and Poor’s and A3 stable rating by Moody’s.

As ATI strives to be fully pan-African, its membership base continues to grow – underpinned by its increased relevance and support from the African Development Bank (AfDB), European Investment Bank (EIB) and German Development Bank (KfW).

The Chief Executive, Emmanuel Moses commented: “I am extremely proud of the 20-year track-record that ATI has set in the provision of credit and political risk insurance to support trade and investment in Africa. While we embark on our third decade, ATI pledges a more robust, reliable and transformational strategic approach to its business offerings. “We continue to be the de-facto business risk litigation tool that propels intra-African trade in support of AFCTA”.
Source: thebftonline.com
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