The newly sworn-in President of the Ghana Insurers Association (GIA), Boatemaa Barfour-Awuah, has issued a candid call to action for the insurance industry to confront what she described as its marginal footprint in the national economy.
Speaking after her swearing-in in Accra on January 20 2026, the Chief Executive Officer of Star Assurance highlighted the stagnation in insurance penetration, which has remained at approximately one per cent of Ghana’s Gross Domestic Product (GDP).
She noted that when measured under the International Financial Reporting Standards (IFRS) insurance service revenue basis, penetration falls even further.
“Insurance penetration, measured as gross premium relative to GDP, has remained at one per cent. When measured under the IFRS insurance service revenue basis, it drops to 0.63 per cent. Insurance density, or per capita spend, stood at about GH¢202 in 2024. Therefore, we must pursue a results-driven agenda, and we will measure progress transparently,” she stated.
Boatemaa Barfour-Awuah affirmed that the figures are starkly low, especially when weighed against the critical role insurance plays in protecting the assets of families, businesses, and the state.
Further adding that, “As an industry, we must confront an uncomfortable truth. Insurance remains underutilized in Ghana relative to its importance to families, businesses, and the state. The numbers make this plain.”
To move beyond rhetoric, the 12th President of the GIA announced the introduction of a Quarterly Industry Scorecard aimed at improving accountability and performance across the sector.
“We will publish a quarterly industry scorecard tracking penetration, density, compulsory insurance compliance, claims turnaround time, and premium payment integrity. These are not just statistics; they represent a protection gap in resilience, confidence, and long-term domestic capital formation,” she said.
The Ghana Insurers Association is a body representing insurance companies in the country and serves as a key platform for policy advocacy and industry coordination.
Despite the growing size of Ghana’s economy, insurance penetration has historically remained low, with many households and businesses operating without adequate coverage.
Industry players and regulators have long identified trust deficits, limited public awareness, and enforcement challenges around compulsory insurance as key factors contributing to the low uptake.
