Bawumia highlights agricultural, compulsory insurance reforms in IBAG engagement

NPP 2028 flagbearer Dr Mahamudu Bawumia has highlighted agricultural insurance, compulsory insurance coverage and stronger protection for infrastructure projects as areas requiring greater policy attention to expand Ghana’s insurance industry.

Dr Bawumia made the observation after meeting the leadership of the Insurance Brokers Association of Ghana (IBAG), where the association presented proposals on measures it believes could strengthen insurance coverage and improve the industry’s contribution to the economy.

Among the proposals was the development of agricultural insurance with government support to help protect farmers against risks associated with agricultural production.

IBAG also called for compulsory Group Life and Workmen’s Compensation insurance, as well as the introduction of decennial liability insurance for road construction projects.

The association proposed further measures to strengthen the participation of local insurance brokers in the industry. Dr Bawumia said the proposals made strong policy sense and could contribute to transforming the insurance brokerage sector.

He said continued engagement with IBAG would be necessary to examine the proposals and develop practical policies for the industry.

“My team and I will continue to engage IBAG in further policy discussions for the benefit of the industry and Ghana as a whole,” he said.