Ghana is positioning itself as a continental leader in climate and financial resilience through the institutionalisation of inclusive insurance — a national strategy designed to protect vulnerable populations from climate and economic shocks.

The initiative, spearheaded by the National Insurance Commission (NIC) with technical and financial support from the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP–IRFF), is reshaping the country’s approach to insurance and sustainable development.

In 2025, the NIC and UNDP–IRFF established the Inclusive Insurance Steering Committee (IISC) — a cross-sectoral body that brings together government ministries, regulators, insurers, and development partners to coordinate strategies for inclusive insurance.

The Committee aims to expand insurance access to smallholder farmers, market women, microentrepreneurs, and informal sector workers who are most affected by climate-related disasters.

Speaking at a recent stakeholder engagement, Mr. Bernard Baah, Deputy Commissioner of Insurance, underscored the national significance of this effort: “Inclusive insurance is not just a policy priority; it’s a social and economic necessity.

As a nation, we are redefining insurance as a tool for resilience and shared prosperity, ensuring that every Ghanaian, regardless of income, can withstand shocks and rebuild stronger.”

The IISC operates through two thematic subcommittees — Agriculture & Sustainable Insurance and Policy & Innovation — which drive targeted policy and market interventions.

The Agriculture and Sustainable Insurance Subcommittee, chaired by the Ministry of Food and Agriculture (MoFA), focuses on reducing risks faced by Ghana’s farmers through sustainable insurance mechanisms.

Its mandate includes developing an Agricultural Insurance Consortium, modelled on successful examples in Côte d’Ivoire, Zambia, and Rwanda, to align agricultural data with insurance needs and promote climate-smart insurance products.

The Policy and Innovation Sub-committee, led by the NIC’s Directorate of Policy and Innovation, is advancing regulatory reforms to enable broader participation in the insurance market.

It is developing proposals for tax incentives, amendments to the Insurance Act 2021 (Act 1061), and frameworks for Electronic Money Issuers (EMIs) to distribute microinsurance products responsibly.

In October 2025, members of the Steering Committee participated in a five-day capacity-building workshop in Prampram in the Greater Accra Region, facilitated by UNDP-IRFF and NIC.

The workshop, featuring case studies from the Philippines, Kenya, and Rwanda, emphasised experiential learning, data sharing, and the development of a national communications strategy for inclusive insurance.

Dr. Amina Sammo, National Coordinator of the UNDP–IRFF, highlighted the importance of sustained collaboration:

“The success of Ghana’s inclusive insurance journey lies in collaboration and continuity.

Through the Insurance and Risk Finance Facility, we’ve shown that when innovation meets institutional commitment, resilience becomes possible for everyone — from farmers to families to future generations.”

Despite progress, challenges persist — including limited actuarial capacity, low consumer awareness, and resource constraints.

However, Ghana’s institutionalised, multi-sectoral model is already being recognised as a potential blueprint for other low- and middle-income countries aiming to link climate adaptation, social protection, and financial inclusion.

Aligned with global frameworks such as the Sendai Framework for Disaster Risk Reduction (2015–2030) and Sustainable Development Goal 13 (Climate Action), Ghana’s inclusive insurance strategy demonstrates that governance reform, capacity building, and innovation are essential to building resilience.