Ghana Insurers Association

27 Jan

Debt Exchange Programme: Government Reaches Agreement With Ghana Insurers Association

wontumionlineNewsDebt exchange programme, Ghana Insurers Association

The Government of Ghana and the Ghana Insurers Association (GIA) have reached an agreement on the participation of insurance companies in the Domestic Debt Exchange Programme (DDEP). Under the agreement, insurance companies will participate in the programme on similar terms as the Banks. This was contained in a joint statement issued by the Ministry and the GIA on Thursday January 26, 2023. “That the Government through the solvency window of the Ghana Financial Stability Fund (GFSF), will provide support for the insurance companies that are seriously affected by the DDEP. The objective is to protect jobs and the stability of…

09 Dec

Debt Exchange: Policy Will Collapse Insurance Industry – Seth Aklatsi

wontumionlineBusinessDebt exchange programme, Ghana Insurers Association, Seth Aklatsi

President of the Ghana Insurers Association, Seth Aklatsi, says the government’s debt exchange programme as proposed by the Finance Minister, threatens to entirely collapse the insurance industry in Ghana. The programme, which was announced by Finance Minister, Ken Ofori-Atta will result in a slash in interest payments for domestic bondholders to zero percent in 2023 and five percent in 2024. Again, existing domestic bonds as of December 1, 2022, will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037 – all in a bid to restore the nation’s capacity to service its debt.…