‘Government will support financial services sector’

The Minister of State in charge of Public Private Partnerships, Mr Abdul Rashid Pelpuo, has stated that the government will do all within its means to strengthen private sector players in the financial services to play their roles in nation building.

He noted that the mid-year review of the budget statement captured many action plans the government was pursuing to ensure that “we revive the economy for businesses to thrive and propel the overall performance of the economy.”

Mr Pelpuo was speaking at the annual Metropolitan Group’s award scheme for clients and employees, dubbed “Night of the Stars” at the Alisa Hotel in Accra.

He stated that the insurance and pensions trustee companies were important players in the economy because they mobilised critical funds which they could place in long-term investments which were required to help in the provision of infrastructure and for the development of the country.

CEO of Metropolitan Life

The Chief Executive Officer (CEO) of Metropolitan Life Insurance and Executive Director of Metropolitan Health Insurance and Metropolitan Pensions Trust, Mr A. J. Kruger, bemoaned the insurance penetration rate in the country, despite new ideas and channels of distribution such as Bancassurance.

“This makes it an imperative objective to motivate our sales channels to take advantage of the low penetration rate the ultimate benefit of our clients, our companies, the industry and the Ghanaian economy as a whole,” he stressed.

Mr Kruger was optimistic that in spite of the current challenges the Ghanaian economy posed to businesses and the insurance sector, the challenges provided a silver lining.

“The need for insurance and savings products to cover the risks of the unknown becomes even more imperative in challenging economic times. The need to provide for inevitable occurrences such as death or disability and the need to provide for future expenses such as a child’s education, health, income protection for the family, as well as planning for retirement does not reduce with a reduction in the growth rate of the economy,” he stated.

The awards

Gras Savoye (Gh.) Limited emerged the best broker for the year with All Risk Consultancy Limited coming second. Employees of the insurance group also received awards for excellence in their performances.

Mr Peter Quarcoo of the Koforidua office emerged the overall best retail salesperson for the year, while the Life Corporate team of Emma Ocansey and Vida Bervell won the corporate award.

Other winners are Daniel Doe, best zonal manager, and Mr Seth Sorgah, best branch manager. James Baiden-Amissah, Rita Zongbil and Daniel Sackey were adjudged best workers for Life, Health and Pensions operations respectively.


Source: Graphic