West African insurance regulators are confident of the development of a favourable framework which will facilitate the corporation of the francophone block to promote a harmonised insurance space in the sub-region. 

Speaking at the 6th College Of Insurance Supervisors of the West African Monetary Zone (WAMZ). Director of Financial Integration of the West African Monetary Institute, Soulemane Tall, stated that ensuring the collaboration of the francophone block will enhance cross-border activities.

“We decided to have a memorandum of understanding with various supervisors and the francophone block. This is to share experience with them.”

“The 12 countries of the francophone now participates in our meetings. This is important because member states have cross border activities. Some are from Ghana with activities in Nigeria, others are from Nigeria with activities in Cote D’Ivoire,”  Soulemane Tall added.

The college was established to provide a common platform for regulators of the member states of the West African Monetary Zone to ensure effective financial activities in the region. 

He further explained that maintaining globally accepted insurance practices in the sub region will be key in increasing insurance penetration across borders and facilitate the smooth execution of a single currency in the West African economic block.

“What is more important is to harmonize, because we are going to have a single monetary zone. So that when you are in Ghana, Nigeria, or Guinea everything will be the same. As regulators we need to have an appropriate environment for the sector to grow.”

Acting commissioner for the Ghana Insurance Commission, Kofi Andoh, stated that the West African Integration would foster knowledge sharing amongst member states to boost the growth of the sector.

“This is an opportunity for various regulators to learn from each other and find better ways of promoting insurance penetration in our various countries.”

The college which is made up of six countries namely; Ghana, Nigeria, Liberia, Sierra Leone, Guinea and Gambia will fine tune resolutions in the previous college and amongst other things discuss the use of insurance to facilitate the success of the African Continental Free Trade Agreement.