Government and the Ghana Insurers Association (GIA) have reached an agreement on the participation of insurance companies in the Domestic Debt Exchange Programme (DDEP).

Under the agreement, insurance companies will participate in the programme on similar terms as the Banks.

Also, the Government through the solvency window of the Ghana Financial Stability Fund (GFSF) will provide support for the insurance companies that are seriously affected by the DDEP.

“The objective is to protect jobs and the stability of the industry. The GIA is happy to reach a deal with the Government that protects its members, but also enabling the Government to push through the necessary economic reforms at this difficult times,” a release jointly issued by the Government of Ghana and the GIA said.

It further noted that, “This milestone on the back of the success with the banking industry, has taken the Government closer to completing the DDEP which is a key factor to restore economic stability and growth.”