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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Enterprise Group PLC records 37% rise in revenue in 2021

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    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Design relevant products to increase insurance penetration-Enterprise Group CEO

bycitibusinessnews
July 13, 2016
in Banking And Finance, Top Stories
Keli Gadzekpo

Keli Gadzekpo

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Insurance providers in the country have been urged to offer relevant insurance products to help the industry grow.

Currently, insurance penetration in Ghana is still below 2.0 percent of the total value of the financial markets even though the banking industry which is also in the sector has recorded some moderate growth in recent times.

Speaking to Citi Business News at the Sidelines of the Annual General Meeting (AGM) of the Enterprise Group, the Chief Executive Officer of the group, Keli Gadzekpo maintained that one major way to encourage insurance penetration in the country is to enforce the laws governing the industry.

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“Legislation is one, on the law books in Ghana there are certain classes of insurance which are compulsory and should be had, but somehow, are not necessarily being had, and so those laws need to be enforced” he said.

He explained that such insurance products are necessary to protect the basic needs of people.

He added that insurance providers must educate people as to the relevance of insurance in some aspects, particularly life insurance which is not compulsory but very important.

“I think insurance providers have some work to do to educate people on the relevance of insurance, especially life insurance,” he stressed.

Financial performance of Enterprise Group

On its 2015 financial performance, Mr. Gadzekpo disclosed that the group saw a total asset growth of 633 million Ghana cedis, while Net Insurance Premium and Group Net Income increased to 253 million cedis and 349 million cedis respectively.

The company declared a dividend of 5 pesewas per shares which was accepted by the shareholders.

“Overall, we would rate the year 2015 as exciting, somewhat difficult, but ultimately successful year,” he said adding that the group was able to adapt to the economic conditions.

He noted that the group maintained its growth trajectory, achieving Group net income growth of 21.1 percent and PAT of GHS51.6 million lower than 2014.

Touching on some specific areas, Mr. Gadzekpo stated that Enterprise Life attained the number one market position with 27.7 percent market share, up from prior year’s 26.9 percent, overtaking the consistent number one player since the Enterprise Life business.

“In addition, Enterprise Life Insurance regained its number two position with 12.9 percent market share, after ceding that position as at the end of 2014,” he said.

Total Group net expenses of GHS of 290.3 million represented an overall growth of 30.6 percent.

He explained that this was driven by a growth of 48.7 percent in the 2015 actuarial provision for life policy holders of GHS69.3 million.

–

By: Lawrence Segbfia/citibusinessnews.com/Ghana

 

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