The National Insurance Commission (NIC) and the Youth Employment Agency (YEA) have signed a Memorandum of Understanding (MoU) aimed at training and giving employment opportunities to some 500 youth for the insurance sector.

The collobrative effort seeks to address the challenges regarding youth unemployment and the low insurance penetration rate which is just about 1% of the sector’s contribution to the country’s Gross Domestic Product (GDP).

During the signing of the MoU which took place at the YEA’s Head Office in Accra, Hon. Malik Basintale, the Chief Executive Officer(ag) of the YEA, bemoaned the situation where many policyholders and potential clients lack access to insurance services due to inadequate number of qualified insurance personnel.

He urged the NIC, the insurance regulator, to lead the training of these youth through the Ghana Insurance College (GIC) with the goal of creating employment and making insurance accessible to every working individual, regardless of their geographical locations.

In her remarks, Dr. Abiba Zakariah, the Commissioner of Insurance (ag), expressed the NIC’s gratitude to the YEA and gave the assurance that the Commission is prepared to provide the necessary support to this ground-breaking initiative.

After the training, the beneficiaries would be deployed to various licensed insurance entities across the country to promote insurance awareness and education on the need to patronize various forms of insurance.

The significance of the MoU is to address and provide sustainable solutions to the rate of unemployment. This would therefore, equip and transform the beneficiaries into insurance professionals while attending to the broader improvement of financial inclusion across the country.

The ceremony was attended by top officials of both institutions. Other officials from the insurance industry included Mr Bernard Ohemeng Baah, Deputy Commissioner of Insurance (ag.), Mr Charles Dankyi Ansong, Head of Marketing and External Relations and Mr Mawuli Zogbenu, Senior Manager / Head of Public Relations. Mr Richard Okyere who is also the Director of the Ghana Insurance College was also present.

Officials of the YEA who were present at the ceremony included Mr Abubakar Abdul-Kudus Saana, Deputy CEO (ag.), Dr. Abdul Salam, Director of Technical Services, Ms. Pearl Broohm, Deputy Director of Technical Services and Mr Andaratu Iddrisu, Director of General Services.