German Development Cooperation boosts insurance awareness

To help people in Ghana learn more about insurance and make it easier for them to get it, the German Development Cooperation has equipped the Insurance Awareness Coordinators Group (IACG) Secretariat with essential office infrastructure, valued at GHS 130,000. For the last eight years, GIZ Ghana has served as the host for the IACG.

This recent handover, which took place at the IACG's newly opened offices in Accra, marks a major advancement in enhancing the operational abilities of the IACG Secretariat and represents a significant move towards a sustainable future.

The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH made this contribution on behalf of the German Federal Ministry for Economic Cooperation.

The event symbolized a strengthened partnership and a mutual commitment to fostering insurance awareness and education in Ghana. It also marks the transition of IACG to an organization that is characterized by a functional secretariat with a diverse funding structure.

The sustainability of IACG will contribute significantly to the growth of the insurance sector in Ghana as well educate the public and companies about the benefits of insurance. The highlight of the ceremony was the symbolic signing of the certificate of donation and exchange of a laptop between GIZ Dr Christian Jahn and Mr. Wilson Tei from the IACG.

"This collaboration is not just about providing tools; it's about laying the groundwork to become an independent organization, more informed and insured Ghana," remarked Dr. Jahn, emphasizing the initiative's deeper intent.”

Echoing this sentiment, Mr. Tei highlighted the projected impact: "With these resources, we can elevate our efforts in educating Ghanaians about insurance, a critical element for financial security and resilience."

Recent statistics underscore the necessity of such endeavors, revealing that only a fraction of Ghana’s population is currently insured, yet the potential market for insurance services is vast and largely untapped.

This initiative is a testament to the synergistic potential between strategic partnerships and national development objectives, aiming to significantly reduce the insurance gap in Ghana.

Wilson Tei, Chairman of the Insurance Awareness Coordinators Group and Dr. Christian Jahn, Head of Programme Support to the Private and Financial Sector-GIZ