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A member of the Public Accounts Committee (PAC) and also a member of Parliament for Atwima Nwabiagya North, Hon Frank Yeboah has questioned the National Insurance Commission (NIC) over the alarmingly low insurance penetration rate in the country.
The query was raised during a PAC public hearing on the 2025 Auditor-General’s Report.
Drawing attention to the Insurance Sector Strengthening Strategy captured on page 13 of the May 2025 Auditor-General’s report, Hon. Yeboah noted that Ghana’s insurance penetration rate stands at around 1%, far below the African average of 3% and the global average of 6%.
According to Hon Frank Yeboah, the major cause of the low figures is limited public awareness and understanding of insurance products, among other challenges.
He therefore asked the NIC what concrete measures it is putting in place to improve public education, increase awareness, and boost patronage of insurance products across the country.
The Commission was also made to respond to findings in the May 2025 Auditor-General’s report regarding the insurance sector.
The NIC is expected to roll out intensified education and outreach programs aimed at bridging the awareness gap and encouraging more Ghanaians to embrace insurance.
Source: ghanawatchonline.com/0546062832
Samuel Sarkodie is a young journalist who has for years worked with Kumasi based OTEC FM as a news reporter and Time FM as a sports presenter, his versatility in the media fraternity has held him till date, he is always for the truth and accuracy in terms of news story. He is currently the Editor for this site, ghanawatchonline.com, and recently joined Lawson Media
