THE ROLE OF INSURANCE COMPANIES IN THE ECONOMIC DEVELOPMENT OF GHANA

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THE ROLE OF INSURANCE COMPANIES IN THE ECONOMIC DEVELOPMENT OF GHANA

CHAPTER ONE
1.0    Introduction 
The present biggest challenge is developing an economy of a country’s sustainable growth and development to serve as a benchmark for economies the world over. In order to live up to this challenge, most governments’ direct their efforts towards obtaining and maintaining this sustainable growth and development to ensure a better standard of living for their people.
Ghana, as well as any other, has always strived to improve her status in the global economy. This can be proved by the measures being put in place by past and present governments since independence. This has most of the time been in the form of policy documents containing the development aims and aspirations of the nation. The most recent policy document is the vision 2020 development programmed document which spells out the long term development objective of Ghana over a period of 10 years (2010 – 2020). It seeks to establish where she wants to be in the future and the way forward and where on the development ladder Ghana lies as a nation.
In this chapter, some of the topics to be discussed are background of the study organizational profile, problem statement, objectives of the study, research questions, scope of the study, and significance of the study and limitation of the study.

1.1 Organizational Profile
The insurance industry has emerged prominently to serve as an institution meant to provide services aimed at security industries against the various risk inherent in their operation
Prominent and premier in the industry in Ghana is the Metropolitan Insurance Company (MET). It was incorporated in February 1962 by Executive Instrument (EI) No. 17 which was passed under the statutory Corporation Act, 1962 (Act 232). However, on August 28, 1995 it was converted into a Public Limited Liability Company renamed Company Limited of Ghana as it is now called.
Metropolitan Insurance Company has it as its mission to providing innovative, flexible and competitive financial products and services to its customer’s general public through quality services, extensive research and product management coupled with commitment to ensuring financial liability. Despite the little attention given by the government, the insurance industry has been playing a very important role in ensuring some degree of security in industry and commerce. It is thus observed that insurance industry when given the necessary attention could play a stranger complementary role in ensuring growth and hence national economic and development.
However, the Koforidua branch of the Metropolitan Insurance Company was opened in 1976 with the Regional Office in the main market which is opposite the All Nations University. But on 15th May, 1987 the Metropolitan Insurance Company was moved from the old premises to their new office complex located at the main commercial Centre of the town which is opposite the central mosque.

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THE ROLE OF INSURANCE COMPANIES IN THE ECONOMIC DEVELOPMENT OF GHANA

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