Ghana’s Deputy Chief of Staff, Nana Oye Bampoe Addo has challenged the insurance industry to rethink its products and public engagement, warning that low insurance coverage is holding back national economic development.
Nana Oye Bampoe Addo, called on insurance companies to innovate and improve public understanding of their products to help close what she described as a critical penetration gap in the sector.
Speaking at the 2026 Annual Appreciation Dinner organised by Yadaba Communications in Accra on 14 January, Ms Bampoe Addo said insurance coverage in Ghana remained far below levels recorded in other African countries and globally.
She added that “We must be honest with ourselves. Insurance coverage in Ghana is still lower than what it should be compared with other countries in Africa and the world, we must close this gap. Closing this gap is not just good for business, it is necessary for our national development.”
She suggested that limited public understanding of insurance policies was a major barrier to uptake, urging insurers to prioritise education and clearer communication.
“Most people do not pick up insurance because they do not understand the coverage of the policy they are looking to purchase,” she said. “Public education on insurance and the products being sold must be properly explained to clients.”
Meanwhile, insurance penetration in Ghana remains below one per cent, according to industry data, significantly lower than the African continental average of between 2.8 and 3 per cent.
By Coffie Mawuedem Noel
