Harmonize insurance laws to boost intra-Africa trade – Ag. NIC Commissioner to ECOWAS countries

Ghana’s Acting Commissioner of Insurance, Michael Kofi Andoh, has indicated that to boost trade within the West African sub-region in particular and Africa in general, there is the need for the harmonization of all insurance laws among ECOWAS countries, to quicken business transactions.

He believes that this is crucial to advancing intra-African commerce, particularly in light of the Africa Continental Free commerce Area's goals to increase trade value and revenue on the continent.

Delivering remarks at the 6th College Insurance Supervisors of the West African Monetary Zone Workshop which is ongoing in Accra, the Acting NIC Commissioner said, “In boosting Intra-Africa trade, there is the need for harmonization in infrastructure development to improve insurance laws among ECOWAS countries which will impact on finance and trade-related infrastructure.”

“When the goods are produced, how are the goods going? We need infrastructure and harmonization of insurance laws to allow us take full advantage and opportunity under AfCFTA. We also need these critical investments and insurance packages under the pact,” Andoh added.

Meanwhile, Director, Financial Integration of the West African Monetary Institute (WAMI), Souleymane Tall, on his part explained that more is being done to deepen insurance penetration in the West African sub-region.

He, however, downplayed the assertion that the current political situation in the region will affect the vision to harmonize and promote insurance in the ECOWAS region.

The 4-day Workshop by Insurance Regulators and Authorities ongoing in Accra brought together representatives from about 6 West African Countries.

The meeting is to afford the opportunity to National supervisors and regulators of Insurance companies in the 6 West African countries, harmonize their insurance laws and learn best practices to strengthen the insurance business in the region.

This is with the view to deepen insurance penetration and facilitate smooth cross-border trading.

The WAMZ Insurance supervisors are also expected to sanction the presentation of the Fourth Report of the College of Insurance Supervisors of the WAMZ.

The meeting also seeks to provide a level playing field for cross-border activities amongst member countries with the view to facilitating the integration process, reporting date, the supervisory functions and practices, and the Prudential Standards and Financial Variables that will be adopted by Member States.

The technical session will provide member countries the platform to make presentations on their supervision functions and practices and the prudential and regulatory ratios used in the supervision in their various jurisdictions.

It will reveal that although member States had similar prudential ratios by description, the measurements and benchmarks/regulatory limits of these ratios differ from jurisdiction to jurisdiction.

NOQ

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