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Thursday, July 2, 2020

Insurance key to Africa’s economic growth — CBG governor

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By Isatou Jawara

The important role of insurance in supporting economic growth and development is perhaps more relevant for Africa today than ever before, the governor of the country’s apex bank said.

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Governor Amadou Colley said this at the West African Insurance Companies Association’s (WAICA) Annual General Meeting and Education Conference at the Kairaba Hotel.

With the theme ‘Regional Integration through Uniform Regional Compliance,’ Mr Colley told the gathering: “The key among our policies would be designing frameworks for building strong institutions and formulating sound macroeconomic policies.

“The Central Bank is committed to ensure the realisation of regional integration and harmonise insurance legislation. Possible investments alone make insurance a necessity for Africa, especially at a time when the continent is reputed to have more attractive and higher returns than anywhere”

The international conference was also attended by WAICA member states which includes The Gambia, Liberia, Ghana, Sierra Lone and Nigeria.

The FAO Country rep Dr Perpetua Kalala, said the availability of insurance for production, marketing and other activities along with the agricultural value chains will be key to solving the issue of resilience.

“This will take a strategic and longer-term view of the insurance business because certainly a short-term view will dictate that you instead focus on less risky sectors.

“FAO in the Gambia has the mandate to assist member countries in meeting development goals in the areas of food security, agricultural development and sustainable natural resource management,” the FAO rep said.

The Executive Director of WAICA Mr William Coker, urged member countries to embark on insurance studies in school curricula for secondary schools.

“It is the very direct way for creating awareness among our population. And once the awareness is created then the battle of insurance companies is fought and won.”

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