The Finance Minister of Ghana, Ken Ofori-Atta, has emphasized the necessity of securing approximately $12.2 billion to effectively combat the impact of climate change within the country.
He clarified that these funds are essential to cover the expenses associated with implementing Ghana’s climate change mitigation and adaptation strategies.
During his speech at the 19th International Conference on Inclusive Insurance (ICII) in Accra on October 24, Minister Ofori-Atta also underscored the country’s need to generate around $4.1 billion as part of the overall $12.2 billion financial requirement.
Furthermore, he stressed the vital role of insurance protection in addressing Ghana’s vulnerability to climate change and other disasters, particularly through inclusive insurance solutions.
“Climate change impact have adversely affected the country’s poor and vulnerable and we need to ensure that insurance, particularly inclusive insurance is integrated into all that we do. Since 2017 our policy approach has been to provide an environment that ensures that people are protected particularly the poor and the National Financial Inclusion Strategy is an example of the Government’s commitment to financial inclusion for the poor,” Ofori-Atta said.
“Insurance will continue to play a critical role in the socioeconomic growth of the country and it serves as the umbrella that protects the poor from crisis and disasters that occur,” he added.
Nonetheless, the Finance Minister urged the government and key stakeholders in the insurance sector to collaborate and work on strategies aimed at guaranteeing the protection of Ghanaians, especially those in lower income brackets, through inclusive insurance.
The 2023 International Conference on Inclusive Insurance was jointly organized by the National Insurance Commission of Ghana (NIC), the Ghana Insurers Association (GIA), and the Insurance Brokers’ Association of Ghana (IBAG), in partnership with the Munich Re Foundation and the Microinsurance Network.
This conference brought together global insurance experts to brainstorm innovative and progressive approaches to developing micro-insurance products that cater to the needs of the low-income population.