International Finance Corporation, a member of the World Bank Group, and Activa International Insurance Ghana (AIIG) have unveiled an insurance programme that is expected to benefit two million Ghanaian women including entrepreneurs by 2022.
Under the Activ’Lady program, IFC and Activa International Insurance, a member of the Globus Network, will raise awareness among women entrepreneurs and other women about the importance of insurance in mitigating risk for their businesses and boosting coverage to protect against unexpected events.
Hence the program will also provide access to tools such as training courses to help women expand their operations and boost business performance. The program is expected to have a ripple effect, benefiting not only women in the country but also the local communities and increasing the insurance penetration in the country, which currently stands at less than 2 percent.
Global Women’s Insurance program lead of IFC’s Gender Business Group Marieme Esther Dassanou, said “We know Ghanaian women are entrepreneurial, however, many of them do not have the insurance coverage they need to protect and expand their businesses. This partnership helps us create a platform that will make Ghanaian women entrepreneurs more resilient to personal and business shocks and provide security and some handholding as they grow through the entrepreneurship journey.”
Our insurance program follows an IFC-led study SheforShield that found the insurance industry can earn up to $1.7 trillion globally by 2030 if they focus on women alone, with 50 percent of this opportunity coming from emerging markets. In 2018, a study led by IFC and AIIG found a majority of Ghanaian women lacked awareness about nonlife insurance.
Managing Director of AIIG Solomon Lartey, said, “As a leading provider of nonlife insurance in Ghana, AIIG realizes that women are the lifeline of the Ghanaian economy said. Through the Activ’Lady program, AIIG aims to improve the lives of women in Ghana regardless of their social background or life stage by providing solutions that will empower them to bring an active change in their lives as entrepreneurs, traders, and professionals.”
The Deputy Commissioner of Insurance, Mr. Michael Kofi Andoh, expressed delight for the Insurance solution to women entrepreneurs and noted that it is the first of its kind in Ghana.
The CEO of Ghana Export Promotion Authority, Mrs. Afua Asabea Asare applauded the efforts by Activa and IFC in putting this together because, according to her, women entrepreneurship with appropriate insurance solutions is the world most promising area yet to be tapped; so, it is very refreshing to see Activa and IFT going that direction.
The insurance initiative in Ghana is partly funded by the Women Entrepreneurs Finance Initiative (We-Fi), which invests in programs and projects that help unlock financing to address barriers facing women entrepreneurs.
Since 2016, IFC has been working with insurers across emerging markets to develop specific approaches to address the needs of women at various stages of their lives while creating income-generating opportunities for women as insurance employees, advisors, and distributors. The Activ’Lady program follows similar partnerships with insurers in Nigeria and in the Philippines.
In attendance were officials from Association of Ghana Industries (AGI), Small Medium Enterprise Ghana (SMEGA), Makola Foundation and other women groups and entrepreneurs.