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National Investment Bank and National Insurance Commission Boards Inaugurated

Accra, August 18, 2017 - The Deputy Minister of Finance, Charles Adu Boahen has tasked the reconstituted board for the National Insurance Commission (NIC) to strategize and retool to improve its effectiveness and efficiency.

The Deputy Minster also urged the Board to ensure that the NIC improves its compliance with Principles of the International Association of Insurance.

He made these remarks at the inauguration of the NIC Board, held at the Ministry of Finance, Accra.

Charles Adu Boahen, expressed his displeasure about the current penetration rate of 2%, as against 15% in the developed economies, and advised the Board to improve its corporate governance and risk management culture.
“Insurance companies must adequately capitalize to ensure that they are strong, efficient and profitable” he added.

He further urged the Board to put in place strategies that would ensure fair treatment of policy holders and speedily address grievances of genuine claimants. On the Insurance Bill, Charles Adu Boahen, tasked the Board to resume work on the Bill and ensure that it is passed into law.

The Chairman of the NIC Board, Emmanuel Ray Ankrah, on behalf of Board members, thanked President Akufo-Addo for the opportunity and honour given them to serve the nation. He acknowledged that with the penetration rate as low as 2%, there was a lot of work to be done.

The Board Chairman said organizing long-term funds for the transformation of the economy was crucial adding that with the caliber of people constituting the Board, much would be achieved to the transformation of the economy.

Other members of the Board are: Sampson Akligloh, Kwame Yao Agbenydzie, Geta Striggner Quartey, Emmanuel Amofa, Justice Yaw Ofori and Bill Pupulampu.
In a related development the Deputy Minister of Finance, Charles Adu Boahen, also inaugurated the National Investment Bank’s Board members.

Recognizing the banking industry’s contribution to the Ghanaian economy, he said various strategies had been put in place to set the path of economic transformation. He therefore urged the Board to take advantage of this and help the bank take full advantage of the emerging economic transformation.

Charles Adu Boahen, traced the bank’s beginnings to the end of the World War II, then known as the ‘Gold Coast Industrial Development Corporation (GCIDC)’ was established in 1952 to provide financial support to indigenes to help them establish of their own businesses.

National Investment Bank (NIB) he added, was incorporated as an autonomous joint state-private institution on March 22, 1963, to promote rapid industrialization in all sectors of the economy.

Charles Adu Boahen, commended the previous Board for its involvement in Dominion Trust case at the Supreme Court; that saved the country a substantial sum of money. He urged the Board to work assiduously to promote rapid industrialization and job creation.

The Board Chairman, Togbe Afede XIV, on behalf of Board members thanked President Akufo-Addo for the confidence and opportunity accorded them. Togbe Afede said he regarded it as an endorsement of his leadership of the previous Board.

He pledged the Boards commitment, adding that they will be guided by the principles of public interest and honesty. He said the Board will also be guided by government’s developmental agenda of One-district-one factory, Jobs for the people and Ghana beyond aid. He considered these developmental goals as being consistent with the banks aspirations.

Other members sworn in were: John Kweku Asamoah, Michael Ayesu, Dennis Adjei Dwomoh, Lyn Allottey Gadzekpo, Ken Kanyagui, Ronald Akosah and Etse Gadegbeku.

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