The Minister for Finance, Dr Cassiel Ato Baah Forson, has underscored the critical role of insurance brokers in Ghana’s economic development, calling for stronger professionalism and reforms to deepen industry growth.

Delivering the keynote address at the 2026 Annual Education Conference and Exhibition of the Insurance Brokers Association of Ghana at Rock City Hotel, the Minister described brokers as key players in building public confidence in the insurance sector.

He noted that brokers serve as a vital link between insurers and the public, helping individuals and businesses understand and access insurance products while ensuring fair claims settlement.

Dr. Forson highlighted Ghana’s recent economic recovery, pointing to strong growth and improved macroeconomic stability.

According to him, the economy expanded by 6.1 percent in 2025—the fastest growth since 2019—while inflation declined significantly from 52.8 percent in February 2023 to 3.3 percent in February 2026.

He also indicated that treasury bill rates have reduced substantially, easing borrowing costs, while the Ghana cedi recorded a 40.7 percent appreciation against the US dollar in 2025, signaling renewed investor confidence.

The Minister further referenced the passage of the National Reserve Accumulation Policy (GANARP), which aims to build reserves equivalent to 15 months of import cover by 2028 to strengthen economic resilience.

Mr Forson described the insurance sector as a key pillar for financial stability and inclusive growth, noting its role in mobilising long-term savings and protecting livelihoods.

However, he acknowledged that insurance penetration remains low, particularly among small businesses, informal workers, and vulnerable groups.

To address this, he outlined several government initiatives, including the enforcement of mandatory local cargo insurance to retain premiums within the country and boost industry capacity.

He also highlighted the upcoming Insurance Sector Strengthening Strategy, which will focus on digital transformation, improved regulation, and attracting investment.

Additionally, a 10-year Insurance Master Plan is being developed to address structural challenges and position Ghana as a regional insurance hub.

The Finance Minister urged industry players to address persistent challenges such as delays in claims settlement, low public awareness, and unethical practices like premium undercutting.

He called on IBAG to lead efforts in rebuilding trust through transparency, ethical conduct, and improved customer engagement.

Dr. Forson assured stakeholders of the government’s commitment to maintaining a stable economic and regulatory environment to support the growth of the insurance industry.

He emphasised that the sector remains a strategic partner in national development, with the potential to drive investment, create jobs, and enhance economic resilience.