Bawumia highlights agricultural, compulsory insurance reforms in IBAG engagement

NPP 2028 flagbearer Dr Mahamudu Bawumia emphasized the need to focus on agricultural insurance, compulsory insurance coverage, and stronger protection for infrastructure projects as key areas to enhance Ghana's insurance industry. After meeting with the leaders of the Insurance Brokers Association of Ghana (IBAG), Bawumia listened to the association's proposals aimed at bolstering insurance coverage and boosting the industry's economic contribution.

The IBAG presented several recommendations, including the development of agricultural insurance backed by government support to shield farmers from the risks associated with agricultural production. The association also advocated for the implementation of compulsory Group Life and Workmen's Compensation insurance, as well as the introduction of decennial liability insurance for road construction projects.

Furthermore, IBAG suggested measures to boost the involvement of local insurance brokers within the industry. Dr Bawumia acknowledged the proposals as making solid policy sense, asserting that they could play a significant role in transforming the insurance brokerage sector. He noted that ongoing collaboration with IBAG would be crucial to reviewing the proposals and devising effective policies for the industry.

Bawumia pledged that his team and he would maintain regular engagement with IBAG to discuss these proposals and work towards formulating policies that would benefit the industry and Ghana overall.