Ghana’s banking leader calls for investment and insurance to strengthen economy

Mr. John Awuah, Chief Executive Officer of the Ghana Association of Banks, has called on Ghanaians to prioritize investments and insurance schemes to mitigate business risks and stimulate economic growth.

Speaking at the National Estate and Gift Planning Awareness conference in Accra, Awuah emphasized that focusing on these financial tools would protect businesses from unforeseen challenges, promote sustainability, and

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He stressed the importance of financial planning and wise spending, asserting that these practices are essential for the well-being and prosperity of future generations.

The conference, organized by the Centre for Financial Literacy Education Africa, attracted over 100 participants, including policymakers, entrepreneurs, and industry leaders, all eager to explore innovative ideas for shaping the country’s financial future.

Despite the increasing acceptance of investment and insurance, Awuah pointed out that many individuals remain unaware of their crucial role in strengthening the economy.

He underscored the significance of estate planning for long-term economic stability, describing it as the process of managing and distributing one’s assets and wealth during one’s lifetime and beyond.

Awuah highlighted the critical contribution of family businesses to government tax revenues, emphasizing their sustainability. Mr. Peter Asare Nyarko, Executive Director of the Centre for Financial Literacy, also spoke at the event, advocating for the protection of individual properties against unauthorized acquisition or theft.

He remarked, “Impact investing and sustainable giving provide a powerful framework for fostering economic growth, job creation, and social progress while ensuring a resilient, equitable, and sustainable future for generations to come.” Nyarko further urged citizens to plan living wills to outline their end-of-life medical preferences, ensuring that their wishes are respected.