Boosting Business Resilience: Ghana Drives Insurance Awareness For Micro and Small Businesses

Ghana’s insurance industry is making a strong push to bring insurance to Micro, Small and Medium Enterprises (MSMEs).

The Insurance Awareness Coordinators’ Group (IACG), a collaboration of key industry players, is leading the charge with a series of sensitization programs.

Why the Focus on MSMEs?

The initiative aims to bridge the insurance gap and empower MSMEs. With only 44.6% of Ghanaians currently covered by insurance, there’s a significant opportunity to improve business resilience.

“MSMEs are crucial to our economy,” said Michael Kofi Andoh, Acting Commissioner of Insurance. “Equipping them with the knowledge of appropriate insurance options safeguards their businesses and livelihoods.”

Creating a Culture of Insurance

The IACG is tackling challenges like low insurance awareness and a lack of trust in insurance providers. Educational workshops are designed to address these concerns and explain the benefits of insurance for small businesses.

A Tailored Approach

The IACG recognizes the need for specialized products. Commissioner Andoh emphasized the importance of creating Micro-insurance solutions specifically catering to the needs of the low-income segment. This will make insurance more accessible and affordable for a wider range of businesses.

Building Confidence in the System

Transparency is a key focus. The IACG aims to simplify the claims process and educate policyholders on how to navigate it effectively. This will build trust and encourage greater participation in the insurance market.

Campaign Gains Momentum

The Techiman event, held in Bono East Region, drew over 400 participants, including market women and artisans. Interactive sessions helped them understand various insurance types and their relevance to their businesses.

This successful launch marks the continuation of a nationwide campaign that began in the Ashanti Region last year. The IACG plans to extend its reach to Sunyani and Goaso in the coming months.

Collaboration is Key

The IACG’s success hinges on collaboration. Representatives from key industry bodies, including the National Insurance Commission, Ghana Insurers Association, and the Chartered Insurance Institute of Ghana, are actively involved. Additionally, the German Development Cooperation (GIZ) provides valuable support to the initiative.

By working together, the IACG is laying the groundwork for a more inclusive and resilient Ghanaian business landscape.