Minister for Health, Kwabena Mintah Akandoh, is slated to deliver a comprehensive briefing to Parliament on July 1, shedding light on the prevailing COVID-19 situation in the country.
This crucial update is in response to an urgent request by the Minority Caucus, who have expressed deep-seated concerns regarding the government’s perceived silence on the recent upsurge of COVID-19 cases at the University of Ghana.
The Minority’s apprehensions stem from the fear that the government’s inaction could potentially unleash a devastating health crisis, precipitating widespread panic and anxiety throughout the country.
Frank Annoh-Dompreh, the Minority Chief Whip, sounded a clarion call, underscoring the gravity of the situation and the imperative for swift, decisive action.
In a recent development, the University of Ghana’s Health Services Directorate issued a cautionary notice to the university community, highlighting the resurgence of COVID-19 cases in the immediate vicinity of the institution.
In response to this emerging threat, the Directorate has promptly reactivated its COVID-19 Response Protocols, including enhanced screening measures at health facilities, and is vigilantly monitoring the situation to provide regular updates.
Undoubtedly, as the government prepares to provide a detailed exposition on its COVID-19 mitigation strategy, Ghanaians are being urged to remain watchful and adhere to prescribed preventive measures to curtail the risk of infection and community transmission.
Finance Minister Dr. Mohammed Amin Adams has reassured Ghanaians that the government has maintained fiscal discipline despite the pressures of the upcoming December 7 general elections.
At a press conference held in Accra last week, the Minister emphasised that the government has kept its spending under control, avoiding budget deficits in 2024, even amidst extensive infrastructure projects being carried out across the country.
“In an election year, we have maintained uncharacteristic fiscal discipline, and with all the massive infrastructure around the country, as demonstrated by the many projects His Excellency the President has commissioned recently, we have continued to stay the course. We have continued to invest in our people,” the minister said.
He also responded to concerns about investment losses related to the government’s debt restructuring programme, which has been affected by the economic downturn caused by the COVID-19 pandemic.
Dr. Adams assured affected Ghanaians that their losses would be recouped by the end of 2026, as the economy is expected to recover, with positive improvements in key macroeconomic indicators.
During the monthly briefing, Dr. Adams expressed confidence that government’s long-term policies would facilitate a stable economic recovery, providing the necessary conditions for investments to rebound and thrive.
A report by Deloitte Ghana has said that the African insurance market still offers immense opportunities for insurance players, fuelled by the emergence of insurtech and fintech start-ups coupled with strong population growth and low insurance penetration levels.
Although the COVID-19 pandemic may have delayed the anticipated boom in the African insurance market, it has also highlighted the industry’s resilience and potential for growth.
The report indicated that innovative insurance players are addressing low insurance penetration, leveraging technology to offer tailored products and enhancing customer experiences.
Players without an insurance license are increasingly moving into the insurance space, competing with existing insurers and providing new ways of servicing and reaching customers, it said.
“Regulators are creating supportive environments that promote innovation and financial inclusion, which could ultimately lead to increased insurance penetration,” the report said.
Ghana’s insurance industry reported a robust 22% growth in investment assets in 2023, bringing total assets to GH₵10.5 billion, up from GH₵8.6 billion in 2022, according to the Bank of Ghana’s 2023 Financial Stability Review.
The sector’s resilience amid challenges like the COVID-19 pandemic and the domestic debt exchange program (DDEP) underscores its adaptability to Ghana’s evolving economic landscape.
The life insurance sub-sector led the way, with investment assets reaching GH₵7.0 billion by the end of December 2023, more than double the GH₵3.5 billion held by the non-life segment.
The industry continues to favour fixed-income assets across both life and non-life portfolios, though significant shifts in investment composition have emerged.
Notably, government securities have seen a sharp decrease within insurers’ investment portfolios, reflecting the impact of the DDEP.
In the non-life sector, holdings in government securities dropped 13%, bringing their share down to 27% from 38% in 2022.
Fixed deposits now comprise 23% of this sector’s portfolio, with listed securities and real estate contributing 27% and 19%, respectively.
The life insurance sector also scaled back on government securities, reducing their share to 40% from 49% the previous year.
This decline was counterbalanced by an increased allocation to real estate, which now represents 23% of the sector’s portfolio, alongside a rise in fixed deposits, now comprising 21% of total assets.
These adjustments reflect a strategic diversification in response to market dynamics, signalling the sector’s adaptability and commitment to providing financial stability for policyholders.
As the Ghanaian insurance industry expands its asset base and reallocates investments, it appears well-positioned for sustainable growth in a complex economic environment.
According to the review, thd insurance sector maintained a steady insurance penetration rate of approximately 1.0% over the last five years.
Yet, some industry leaders are challenging the traditional approach to measuring insurance penetration, suggesting it may not fully capture the sector’s potential growth trajectory.
The National Insurance Commission (NIC) projects that digital initiatives, public education, innovation, and stronger protections for policyholders under the Insurance Act of 2021 will help drive industry expansion in the coming years.
Ghana’s insurance industry has proven resilient amid global turbulence, navigating challenges from the COVID-19 pandemic to domestic fiscal reforms, including the Domestic Debt Exchange Programme.
The report attributes this stability to improved regulation, increased digitalisation, and enhanced oversight.
The rise of InsurTech firms, ongoing digital transformation, and the NIC’s regulatory enhancements underscore the industry’s commitment to modernisation, the report notes.
The NIC is developing a complaints management system to better handle feedback, allowing policyholders and prospective clients to influence industry standards.
In financial metrics, the Ghanaian insurance sector showed substantial growth, with the industry’s equity base jumping 24% in 2023, from GH₵4.45 billion in 2022 to GH₵5.52 billion in 2023.
This gain highlights the sector’s financial resilience amid economic volatility and underscores its ability to capitalise on growth opportunities.
The insurance industry also maintained a Capital Adequacy Ratio (CAR) above the 150% regulatory benchmark, showcasing its financial health.
However, the report notes that the life insurance segment experienced a slight CAR decline, primarily due to necessary risk adjustments and the impact of domestic debt restructuring.
These changes, while lowering CAR, are seen as critical for the sector’s long-term stability amid shifting economic conditions.
Newmont’s Ahafo South operation in Ghana has maintained its position as Ghana’s Best Company and the country’s leading extractive business.
The accolade was presented to Newmont at the 21st edition of the Ghana Club 100, held last week, at the Palms Convention Centre in Accra.
The Ghana Club 100 ranking recognises the top 100 companies in Ghana for their sustainable operations, growth prospects, and social performance.
It is organised by the Ghana Investment Promotion Centre (GIPC), a government agency responsible for facilitating and promoting investment in Ghana as a preferred investment destination in Africa.
Newmont’s Akyem operation, located in the Birim North District of the Eastern Region, improved on last year’s ranking, placing fourth overall and third in the extractive sector. Newmont’s operations in Ghana have a strong track record in the ranking, frequently placing in the top ten.
The Akyem Mine previously won the top award consecutively in 2015 and 2016, and both mines have also been recognised for their investments in social responsibility.
Newmont’s reputation as a responsible mining business in Ghana is well-established. The mine emphasises safe production, operational excellence, sustainable practices, and values-driven stakeholder management. As the world’s leading gold mining company, Newmont Corporation’s commitment to environmental stewardship, community development, and sustainability is leaving an enduring mark on Ghana’s socio-economic development.
The company’s 2024 half-year fiscal payments to the Government of Ghana, published in August, amounted to GHS 3.176 billion, covering royalties, corporate tax, pay-as-you-earn tax, carried interest, and levies. Newmont also supports local businesses through training, creating opportunities for them to thrive in host communities.
The awards highlight Newmont’s transformative impact on local communities, extending beyond the mines to the surrounding areas.
During the COVID-19 pandemic, the company funded the establishment of two PCR laboratories in partnership with the Kumasi Centre for Collaborative Research into Tropical Diseases (KCCR) and the Ghana Health Service in the Asutifi North and Birim North districts of the Ahafo and Eastern regions, respectively.
Over the years, Newmont has invested over $65 million in its community development foundations in Akyem and Ahafo, transforming lives through scholarships, skills training, healthcare infrastructure, and economic livelihood projects.
Newmont’s recent accolades underscore its role as a global leader committed to reshaping the mining industry’s narrative.
These initiatives demonstrate the company’s dedication to a future where responsible mining practices are the industry standard, not merely an option.
Eni Ghana on behalf of its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), together with Volontariato Internazionale per lo Sviluppo (VIS), have handed over scholarship packages to over 1,000 students in 14 communities in the Ellembelle District, namely Atuabo, Bakanta, Ngalekye, Sanzule (including Anwolakrom fishing area), Krisan, Eikwe, Anokyi, Ngalekpole, Asemda, Baku, Anyinase, Esiama, Half Assini and Nkroful.
The scholarship is part of Eni Ghana and its OCTP Partners’, Vitol and GNPC’s Local Development Project to promote inclusive economic development in the Ellembelle district. It covers tuition fees, registration fees, books and stationery, food, tools and equipment, accommodation, transportation and monthly allowances for the students who are enrolled in Vocational and Technical courses ranging from Fashion, Catering, Building Technology, Electricals and Welding.
The scholarship package is designed in collaboration with the World Bank as part of the sustainability initiatives that the OCTP partners are implementing in the OCTP Project Area of Influence. Ellembelle District Assembly played a major role in the design and implementation of the program.
VIS is a non-governmental organization that deals with development cooperation and international solidarity and an educational agency that promotes and organizes awareness-raising, education, training activities for development and global citizenship.
Eni has been present in Ghana since 2009 with its upstream activity and currently accounts in the country for an equity production of 30,000 barrels of oil equivalent per day.
Eni Ghana and its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), have been recognized by the President of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo for the support to the country during the COVID 19 pandemic.
Accordingly, the President has conferred on the OCTP Partners, the Presidential Honor for distinguished service.
During the outbreak of the COVID 19 pandemic, the OCTP Partners led by Eni Ghana donated medical equipment and devices including ventilators, medical tents, nose masks and other personal protective equipment, as well as laptops and TV screens, to the Korle Bu Teaching Hospital, the Ghana Health Service, St. Martins De Porres Hospital in Eikwe and the Ellembelle District Health Directorate.
In addition, Eni Ghana and its OCTP partners, Vitol and GNPC, donated 2 double-cabin pickups vehicles, 4 Station Wagons and pick up vehicles to the Western Regional Health Directorate and the Ghana Health Service respectively.
Eni has been present in Ghana since 2009 with its upstream activity and currently accounts in the country for an equity production of about 30,000 barrels of oil equivalent per day.
