Mr Solomon Lartey, the key Executive Officer of Activa Insurance, Tuesday, urged the govt to formalise the informal sector make it possible for insurance providers design products intended for Small , Medium-scale Enterprises.

He said insurance has to be seen as a tool to encourage private sector purchase of national development; a powerful tool to cultivate and sustain SMEs and also a tool for financial inclusiveness.

Mr Lartey was speaking over the second day two from the Ghana Economic Forum (GEF) on the theme: ‘Setting up a Ghanaian Owned Economy, 60 Years After Independence’, in Accra.

He said players while in the insurance industry also necessary to educate the general public and produce awareness about the relevance of insurance thus to their lives and property.  

The event combined greater than 500 local and international business leaders to dialogue and chart a clear path for Ghanaian businesses to own the Ghanaian economy.

Some strategic issues that were discussed while in the plenary sessions included: Macroeconomic trends affecting the world economy; the attributes which may have allowed emerging market companies to experience an escalating role for the international stage; the growth of the Ghanaian urban consumer; along with the interrelated social and demographic changes creating new domestic engines of growth.

Speaking on: ‘The Role of Insurance in National Development: 60 years on,’

Mr Lartey said the govt must give a conducive environment for insurance carriers to strive and drive in the national developmental process.

He said Ghanaians generally considered insurance as being a foreign ideology, even though national culture promoted a security net that safeguarded its people.

“The Ghana Association of Insurers provides the agriculture insurance pool to offer insurance for the agriculture sector,” he added.

He urged the costa rica government and MMDAs to use benefit of the bottom expense of insurance to defend national assets.          

He said insurance providers found it necessary to strengthen their operations as a way to serve clients effectively.

Dr Albert Gemegah, the Dean of Graduate School, Wisconsin International University College, said insurance vendors required to take a look at the full area of micro-insurance for SMEs as well as other informal industry players.

He said industry players would be required to design appropriate services that have been popular with all segment with the public.

“Micro-insurance is key to providing protection to folks during the informal sector,” he emphasised.

He said this is a should encourage people to travel beyond taking vacation insurance.    

Mr. Simon Davor, the Deputy Commissioner, National Insurance Commission, said the Commission would continue to keep monitor players in the profession to permit them have better services for their clients.

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