Flagbearer of the New Patriotic Party (NPP) Dr Mahamud Bawumia has met with the leadership of the Insurance Brokers Association of Ghana (IBAG) to discuss practical policies to grow Ghana's insurance industry.
During the meeting on Wednesday, September 30, the President of IBAG, Mr. Stephen Kwarteng Yeboah, raised key issues affecting the sector.
The issues he raised were: – The high VAT burden on insurance and the need to exempt micro-insurance from VAT;
Over-regulation and the need for a single regulatory body;
Developing agricultural insurance with government support;
Enforcing the compulsory use of local brokers;
Compulsory Group Life and Workmen's Compensation insurance; and
Introducing decennial liability insurance for road construction.
Dr Bawumia stated that these proposals make strong policy sense and have the potential to transform the insurance brokerage industry.
He assured that he and his team will continue to engage IBAG in further policy discussions for the benefit of the industry and Ghana as a whole.
Source: TV3
