Summary
GAIN’s vision is for Ghana to have a strong and sustainable supply and demand of actuarial capacity adding strategic value within an effective regulatory environment. In 2017, a directive by the regulator and Insurance Act 2021 mandates all insurance companies to have actuarial functions. The Risk-Based Capital Framework is also underway, as International Financial Reporting Standard (IFRS) 17 has been enforced since 1 January 2023. Given the scarcity of actuarial resources in the microinsurance sector of Ghana, a key component of the road map is the development of actuarial resources that will contribute to proper design and pricing of insurance products which are crucial to the overarching goals of UNDP’s Insurance and Risk Financing Facility (IRFF) in advancing the Sustainable Development Goals (SDGs).
Actuarial profession in Ghana: Vision for 2033 - developing a robust, independent and sustained market
During the road map meeting on 23 February 2023, stakeholders discussed a vision for the future of the actuarial profession in Ghana. The graphic in Figure 1 illustrates what that future may look like.
Figure 1: Actuarial profession in Ghana
Path to a strong actuarial profession
The framework in Figure 2 demonstrates the key agreed interventions and pathway to achieving a strong actuarial profession in Ghana.
Figure 3 shows a summary of the interventions for each of the building blocks.
Figure 3: Summary of interventions
| GOAL 1: Establish strong public policy and regulation | • Conduct reviews and ensure that Actuarial Bill is passed and implemented • Build actuarial capacity within the National Public Regulatory Authority (NPRA) |
| GOAL 2: Build public data resources | • Facilitate completion of assured life mortality table and national mortality table in Ghana • Establish means of hosting aggregated public data set repository of risk profiles, claims experience and other financial data, and potentially a data subset for microinsurance |
| GOAL 3: Cultivate actuaries within the insurance sector | • Increase the actuaries within the Ghana non-life insurance sector through supporting the Non-Life Actuarial Development Program (NACDev program) • Increase the recognition from senior management at insurers of the value of in-house actuarial capacity through seminars on these topics |
| GOAL 4: Cultivate actuaries within the microinsurance sector | • Increase the placement of actuarial graduates in actuarial settings through the National Service Scheme (NSS) Placement Program • Enable actuarial practitioners with greater insights and understanding into their career through mentorship program • Support the microinsurance market with improved pricing toolkit, including trainings and resources |
For more information about the UNDP-Milliman Global Actuarial Initiative, please visit our main page or the programme fast facts.
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