October 4, 2022

RB Group

Business Service

Ghana: Take Advantage of Current Economic Crisis to Revamp

The authorities must take benefit of the existing economic crisis facing the place to revamp the financial system, Economist, Kwame Pianim, has advised.

To this conclude, he termed for a countrywide dialogue based mostly on consensus to come out with options to address the worries struggling with the region and construct a strong financial system.

“This kind of conversations need to be devoid of partisanship and really should not be political, not constrained to the educational, and loud types this kind of as me, but the silent ones,” he said at the Chartered Insurance coverage Institute of Ghana (CIIG) 2022 awards ceremony held in Accra on Saturday.

Under the concept “Celebrating Excellence in Ghana’s Insurance Field,” the awards, 2nd in the series was supervised by KPMG.

Mr Pianim who was the guest speaker, mentioned the economy should be designed to incentivise persons to generate prosperity and positions, specifically the youth, who had good strategies, should really be supported to build their personal enterprises.

“Loans contracted by the govt must be invested in critical infrastructure and productive investments that can pay back back again the loans,” he said.

Mr Pianim claimed the sector was essential to the development of the nation considering that it could mobilise extended expression funds for the country.

He reported the place could grow in a continuous and continuous way if it were being ready to create resources domestically and not count on external sources for resources.

Mr Pianim urged the Countrywide Insurance Fee to be certain that men and women and organisations in the region which failed to purchase coverage domestically for their community and worldwide trade were being penalised.

He reported there was the have to have to increase coverage quality in the state from the current two per cent to three for every cent, which pertained in other jurisdictions in Africa and to six for every cent of the created economies.

Mr Pianim claimed Cell Income establishments, brokers and premises ought to be insured.

“Expert bodies these types of as hairdressers, bakers, instructors, nurses and bar affiliation must take team lifetime insurance policies guidelines,” he stated.

He counseled the CIIG for the awards and urged gamers in the sector to show professionalism and integrity.

The Commissioner of Insurance policy, Dr Justice Ofori in his address lauded the attempts of CIIG to promote professionalism, integrity and excellence in insurance plan practice in the region.