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GLICO GROUP Executive Chairman Kwame Achampong-Kyei called on the insurance industry to consider directing the development of its products to the country so that it can achieve its Sustainable Development Goals (SDGs).
He believes that in geographical areas where there are marked poverty situations, young people can take advantage of the opportunities offered by insurance, especially at the local level, to acquire skills, stay in school or invest. in the creation of a company.
"But for this to happen, it is important for financial sector actors to start thinking about microinsurance and microcredit schemes that provide a springboard for these young people to help them out of poverty," he said. he adds.
His call comes at a time when the GLICO Group is seeking to consolidate the progress it has made in microinsurance and is beginning to seek opportunities from the government's attempt to deepen the social protection of marginalized groups.
Ghana has been actively involved in the process of adopting an SDG since the beginning of the consultations in 2012.
As successors to the Millennium Development Goals (MDGs), the SDGs and the underlying 2030 Agenda have strived from the beginning to be inclusive and participatory.
Ghana was also the first country in sub-Saharan Africa to halve poverty and thus achieved Millennium Development Goal 1. Nevertheless, deep poverty remains in most rural areas, particularly in the three northern regions.
In urban areas, where the incidence of poverty has declined significantly, there are greater disparities and inequalities.
Overall child survival rates in Ghana have improved over the last decade. Malaria remains, however, the leading cause of death among children under five, and malnutrition is a major indirect cause of child mortality.
This makes SDGs 1 and 3 (respectively, no poverty, no health or well-being) critical for the Ghanaian context, and it is imperative that social enterprises and the financial services sector, for example, begin to look at these issues. areas in terms of product development for marginalized groups.
Fortunately, the United Nations is part of this agenda. He is convinced that the insurance industry plays a key role – as an investor and underwriter – in supporting resilience, sustainability and other investments, as highlighted in some of his recent reports.
As an investor, the insurance industry has significant badets that can be invested in projects supporting sustainable development goals. In addition, as an underwriter, it funds a rapid response to disasters, but can also incentivize investments that support sustainability (such as climate-smart infrastructure, food security and resilience), risk-free investments at common risks.
It can also provide risk pricing to creditors. In the area of microinsurance, it can offer services that promote savings and protect areas of poverty.
It is as a result of this growing recognition of the link between the insurance industry and social development among stakeholders that Mr. Achampong-Kyei suggests that "… non-profit initiatives that will help create vast opportunities for young people. disadvantaged, in particular. "
He also thinks that in the future, social enterprises and companies such as his own insurance companies (GLICO) should become the pillars of such a program, urging the sector's stakeholders to get to work.
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