Prioritise investments, insurance schemes to mitigate business risks – Ghana Association of Banks

The Chief Exec­utive Officer of Ghana Associa­tion of Banks, John Awuah, has charged Ghana­ians to prioritise investments and insurance schemes to mitigate business risks and stimulate eco­nomic growth.

He explained that the prior­itisation of investment and in­surance schemes by the citizenry would help protect businesses from unforeseen events, promote sustainability, and foster a resil­ient economy.

According to Mr Awuah, there was the need for the citizenry to prioritise financial planning and wise spending, as their actions laid the foundation for future generations’ wellbeing and prosperity.

He was speaking at the Na­tional Estate and Gift Planning Awareness conference held in Accra on Friday as part of activi­ties in celebrating October as es­tate planning awareness month.

It was organised by the Centre for Financial Literacy Education Africa under the theme, ‘Estate and Gift Planning: An instrument for wealth and sustainability; giving back, giving forward.’

The event brought togeth­er more than 100 participants, including policymakers, entrepre­neurs, industry players, and busi­nessmen from across the globe, to explore and share innovative ideas on ways in shaping the fu­ture of finance in the country.

Despite the growing adoption of investment and insurance, Mr Awuah noted that a significant number of individuals remained uninformed about its pivotal role in bolstering the economy.

He emphasised the pivot­al role of estate planning in fostering economic growth and national development, stressing its significance in long-term eco­nomic stability.

Furthermore, he explained estate and gift planning as the process of managing and distrib­uting one’s assets, properties, and wealth during his or her lifetime and beyond.

⁠”The sustainability of family businesses in Ghana is para­mount, given their substantial contribution to government tax revenues,” he added.

The Executive Director of the Centre for Financial Liter­acy, Mr. Peter Asare Nyarko, highlighted the importance of individuals safeguarding their properties from unauthorised acquisition or theft by others.

“Impact investing and sustain­able giving provide a powerful framework for fostering econom­ic growth, job creation, and social progress, while ensuring a resil­ient, equitable, and sustainable future for generations to come,” he indicated .

Mr Nyarko emphasised the importance of planning living wills and urged citizens to take proactive steps in outlining their end-of-life medical preferences in order to ensure that their wishes are respected.