Bawumia backs insurance sector reforms after engagement with IBAG

NPP 2028 flagbearer Dr Mahamudu Bawumia has expressed backing for insurance sector reforms following discussions with the Insurance Brokers Association of Ghana (IBAG). The talks centered on practical steps to boost the insurance industry and tackle its challenges. Key proposals discussed included lowering taxes for micro-insurance, particularly through VAT exemption, and simplifying regulations.

IBAG president Stephen Kwarteng Yeboah highlighted concerns over excessive regulation, advocating for a single regulatory body. The conversation also covered enforcing local insurance broker usage and expanding sector participation. Bawumia affirmed his commitment to these reforms, stating his team would keep engaging IBAG in future policy discussions on Ghana's insurance industry.