Ghana’s Insurance Industry records 22% growth in investment assets reaching GHS 10.5 Billion in 2023

Ghana’s insurance industry investment assets grew by 22% to GH₵10.5 billion in 2023, with life insurance leading at GH₵7.0 billion, according to the Bank of Ghana’s Financial Stability Report.

Both life and non-life sectors reduced government securities allocations, reallocating to fixed deposits, listed securities, and investment properties.

Industry equity rose 24% to GH₵5.52 billion, demonstrating resilience amid economic challenges.

The sector maintained a strong Capital Adequacy Ratio (CAR) above the 150% benchmark. However, life insurance experienced a minor decline due to risk adjustments and the domestic debt exchange program, reinforcing stability.