German Development Cooperation Equips Insurance Awareness Coordinators Group Secretariat With Essential Office Infrastructure, Valued At GH¢ 130,000.

To help people in Ghana learn more about insurance and make it easier for them to get it, the German Development Cooperation has equipped the Insurance Awareness Coordinators Group (IACG) Secretariat with essential office infrastructure, valued at GH¢130,000..

For the last eight years, GIZ Ghana has served as the host for the IACG.

This recent handover, which took place at the IACG's newly opened offices in Accra, marks a major advancement in enhancing the operational abilities of the IACG Secretariat and represents a significant move towards a sustainable future.

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The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH made this contribution on behalf of the German Federal Ministry for Economic Cooperation.

The event symbolized a strengthened partnership and a mutual commitment to fostering insurance awareness and education in Ghana. It also marks the transition of IACG to an organization that is characterized by a functional secretariat with a diverse funding structure.

The sustainability of IACG will contribute significantly to the growth of the insurance sector in Ghana as well educate the public and companies about the benefits of insurance.

The highlight of the ceremony was the symbolic signing of the certificate of donation and exchange of a laptop between GIZ Dr Christian Jahn and Mr. Wilson Tei from the IACG.

"This collaboration is not just about providing tools; it's about laying the groundwork to become an independent organization, more informed and insured Ghana," remarked Dr. Jahn, emphasizing the initiative's deeper intent.”

Echoing this sentiment, Mr. Tei highlighted the projected impact: "With these resources, we can elevate our efforts in educating Ghanaians about insurance, a critical element for financial security and resilience."

Recent statistics underscore the necessity of such endeavors, revealing that only a fraction of Ghana’s population is currently insured, yet the potential market for insurance services is vast and largely untapped.

This initiative is a testament to the synergistic potential between strategic partnerships and national development objectives, aiming to significantly reduce the insurance gap in Ghana.

About PFS

The Support to the Private and Financial Sector (PSF) aims to improve the employment situation in Ghana.

The programme is designed to supplement the Ghanaian government's efforts to improve the framework conditions for employment and income in the Ghanaian private sector, particularly among MSMEs, and empower MSMEs to contribute to economic development by creating jobs as well as to make Ghana the Pan-African vaccine-manufacturing hub by creating an enabling environment for local vaccine production in Ghana.

PFS seeks to promote an inclusive and sustainable MSME ecosystem in Ghana, and further provide tailored interventions to improve livelihoods.

About GIZ

As a provider of international cooperation services for sustainable development and international education work, GIZ is dedicated to building a future worth living around the world. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment, energy and the environment, and peace and security.

We work with businesses, civil society actors, and research institutions, fostering successful interaction between development policy and other policy fields and areas of activity.

The German Federal Ministry for Economic Cooperation and Development (BMZ) is our main commissioning party. Currently, GIZ promotes sustainable development in Ghana via about 50 programmes and projects.

Our activities currently cover three priority areas: Energy and Climate, with a concentration on renewable energy and energy efficiency; Training and Sustainable Growth for Decent Jobs, and Peaceful and Inclusive Societies, which looks at good governance. For more information, please visit www.giz.de/ghana

About IACG 

The Insurance Awareness Coordinators Group (IACG) is a group made up of all relevant stakeholders in the insurance industry whose objective is to promote insurance awareness and education in Ghana.

The membership of IACG is open to all recognised apex bodies, associations and think-tank groupings in the insurance industry and today includes members of the Ghana Insurance Association (GIA), the National Association of Ghana Insurance Agents (NAGIA), the Insurance Brokers Association of Ghana (IBAG), the National Insurance Commission (NIC) among others. 
 
The group was formed in June 2015 as a result of the findings of a Micro-insurance Awareness Pilot campaign by the GIA, NIC & GIZ.

This awareness campaign was run in twenty communities in four districts between 2013 and 2014. In April 2015, GIZ, NIC, GIA and other stakeholders in the insurance met to review the pilot insurance awareness programme.

One recommendation that came out of the meeting was the formation of the Insurance Awareness Coordinators Group (IACG) to coordinate all insurance awareness and education initiatives within the insurance industry to achieve maximum benefit.