Bawumia backs insurance sector reforms after engagement with IBAG

NPP 2028 flagbearer Dr Mahamudu Bawumia has expressed support for a series of policy proposals aimed at strengthening Ghana’s insurance industry following an engagement with the Insurance Brokers Association of Ghana (IBAG).

Dr Bawumia said the discussions with IBAG leadership focused on practical measures that could help expand the insurance industry and address some of the challenges confronting operators.

Among the proposals presented were measures to reduce the tax burden on insurance, particularly through VAT exemption for micro-insurance products, as well as calls to streamline regulation in the sector.

The IBAG President, Stephen Kwarteng Yeboah, also raised concerns about what the association considers over-regulation and proposed the creation of a single regulatory body for the industry.

Other issues discussed included stronger enforcement of the compulsory use of local insurance brokers and measures to deepen participation in the sector.

Dr Bawumia described the proposals as having the potential to support the growth of the insurance brokerage industry. Ghana currently applies a 15% VAT to taxable non-life insurance premiums, according to the Ghana Revenue Authority.

He said he and his team would continue engaging IBAG on the proposals as part of broader policy discussions on the future of Ghana’s insurance industry.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.