The government is working together with insurance and pensions regulators to establish annuity and syndicate markets.
According to Benjamin Torsah-Klu, the Head of the Ministry of Finance's Pensions and Insurance Unit, this would encourage long-term investments in pension and insurance funds.
Ken Ofori-Atta, speaking on behalf of the Finance Minister at the 6th African Actuarial Congress in Accra, said the government is dedicated to long-term investment for economic growth.
"The government is working together with insurance and pension industry regulators to build an annuity and syndicate market. Long-term investments and pension funds will benefit from this market, while insurance risk firms in the oil and gas sector will benefit."
Joseph Poku, Chief Actuary of the Social Security and National Insurance Trust, stated the Trust is focused on increasing and enhancing the fundamental national social security scheme's coverage.
He went on to say that the current actuarial assessment indicates that the scheme's funding rate should be reviewed in order to ensure long-term pension payout.
Neil Tagoe, President of the Actuarial Society of Ghana, told Joy Business that Ghanaian actuaries should use insurance technology to help the pensions and insurance industries develop.
He stated that actuaries, particularly the Actuarial Society of Ghana (ASG), are enthusiastic about the National Insurance Commission's (NIC) efforts to boost the local insurance business by implementing a Risk-Based Capitalization system.
"While we agree with the various regulators – the NIC, the NPRA, the BOG, and the SEC – that the overall impact of these efforts and major changes is to ensure a sound and financially stable economy," he added, "a more critical growing concern is the use of the actuary to guide these regulatory transitions process because the technical skill to drive any form of capitalization predominantly rests with us, the Actuaries."
"The Risk Based Capital Regime and Data Driven Economy" was the congress's subject.
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