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Deputy Minister of Finance, Mr Kweku Kwarteng, has urged insurance companies operating in the country to reinvest part of their profits into the economy rather than repatriate all of it to the home countries of the firms.
He said such reinvestments would help the economy grow since long term funds were needed for infrastructural development.
“Long-term funds from the insurance sector must be made available to finance long-term investments to help grow the economy,” he stated.
Mr Kwarteng, who was speaking at the launch of Hollard Life Ghana in Accra last Tuesday, asked the management of the company to use its vast experience in its operations in the various countries in which it operated to make a difference in the country’s insurance industry.
The Managing Director of Hollard Life Ghana, Mr Iddrisu Nasiru, said the company would provide well-tailored and innovative solutions to ensure adequate financial security for its clients.
“Hollard international is noted for service innovation and pacesetting in every market in which it operates and will leverage technology and innovative distribution channels to remain relevant in the sector.
“It is our firm belief that our entrepreneurial spirit, passion for excellence, commitment to innovation, our willingness to partner with best creative and business minds and our desire to make a sustainable difference are what will ensure that we achieve our purpose,” he noted.
He said as part of strategies to provide value to the insuring public, “we are giving the insuring public a product that covers every member of the nuclear and extended family. We will cover up to 22 people or lives on this plan”.
