The President of Ghana, Nana Addo Dankwa Akufo-Addo appointed Justice Yaw Ofori as the new Commissioner of the National Insurance Commission of Ghana. He took over from Lydia Lariba Bawa in September last year. Prior to his appointment, he was the first Director of the Ghana Insurance College for 11 years and also a Senior Manager of Vanguard Assurance Company for two years, bringing an extensive range of experience to his new post.
Ghana’s insurance sector, still one of the smallest on the continent, has recently seen healthy growth thanks to innovative products – but a great deal more needs to done before it can reach its full potential.
Paul Ababio was appointed Deputy Director General of the Securities and Exchange Commission in September 2017 following a two-year stint at UT Bank. Ababio and the Commission’s Director General Daniel Ogbarmey Tetteh, have set out ambitious plans to grow private-sector participation in Ghana’s capital markets. African Banker spoke to Ababio about how they will achieve their goals.
Ghana’s capital markets have been bolstered by the recovery in the country’s economy and as optimism sweeps across the sector, Ekow Afedzie, Deputy MD of the Ghana Stock Exchange, discusses plans to expand the market.
Ghana’s capital markets finally emerged from a two-year downturn in 2017, as the economy recovered and President Nana Akufo-Addo’s government issued a number of bonds.
“Following on from the reductions in treasury bill rates, the banking sector is readjusting to actually making money from the real sector,” says Alhassan Andani, President of GAB and MD Stanbic Bank Ghana.
The collapse of two Ghanaian banks has prompted the central bank, the Bank of Ghana, to raise the liquidity thresholds of commercial banks to avoid contagion. Bonds, issued by the state-owned energy utilities to pay off debts, have also helped stabilise the sector but some analysts worry about the negative impact of the new measures on bank lending.
Ghana’s Minister of Finance, Hon. Ken Ofori-Atta, has overseen a revival of fortunes for the country’s economy. He aims to put the private sector at the forefront of economic growth and development.
After a difficult past few years when global growth slowed, oil and gas prices slumped and the demand for commodities hit the floor, Ghana’s economy is now robust and growing at around 9%. In this Special Focus report, we analyse the sector in all its aspects and talk to the major players in each segment.
As 2017 draws to a close, the economic situation of most African countries is improving, but for some, the debt burden looks increasingly unsustainable.