Ghana to impose tough new capital requirement on insurers

Ghana to impose tough new capital requirement on insurers

Ghana to impose tough new capital requirement on insurers

The Ghanaian insurance commissioner is to impose a massive hike in capital requirements for the 142 regulated entities in the west African state. Minimum capital requirements (MCR) are set to rise by more than 300% for insurers and reinsurers, while brokers will see a 60% increase in capital requirements. Only reinsurance brokers will enjoy a freeze in existing capital requirements.…

Accra flood risk to be managed

Accra flood risk to be managed

Accra flood risk to be managed

More than 2.5 million people and thousands of businesses in the Odaw River Basin of the Greater Accra Region (GAR) are set to benefit from improved flood risk management, solid waste management and improved access to basic infrastructure and services. The Greater Accra Resilient and Integrated Development (GARID) project is to receive $200m from the World Bank. The project focuses…

New deal on reinsurance for Equatorial Guinea energy market

New deal on reinsurance for Equatorial Guinea energy market

New deal on reinsurance for Equatorial Guinea energy market

Alesco Risk Management Services (Alesco), a specialist insurance and risk management broker, has been appointed to arrange a reinsurance facility for all international upstream energy insurance programmes written from Equatorial Guinea. The move follows several recent developments in the local insurance market. Alesco has been appointed by African Reinsurance Corporation (Africa Re) in a move that adheres to the Insurance…

Election results could be disputed in Senegal

Election results could be disputed in Senegal

Election results could be disputed in Senegal

The opposition has disputed the election results in Senegal which, so far, show a strong win for incumbent President Macky Sall. According to Reuters reports, Senegalese President Macky Sall is on course for a strong election victory, based on preliminary results from Sunday’s vote. Local media website Dakaractu.com said President Sall had won more than 58% of the vote based…

Political risk heightened in Ghana

Political risk heightened in Ghana

Political risk heightened in Ghana

A recent by-election in Ghana has highlighted the continuing political risk for businesses in the west African state. Lord-Gustav Togobo, director, leadership intelligence and business development at Songhai Advisory, said: “Party political policy reversals and appointments following elections are de rigueur in Ghana, as is the preponderance of executive authority over rules or process. “Neither side of Ghana’s two-party system…

Chair of SCG-Ré dies

Chair of SCG-Ré dies

Chair of SCG-Ré dies

Edouard-Pierre Valentin, chairman of the board of directors of Société Commerciale Gabonaise de Réassurance (SCG-Ré), has died peacefully in France, aged 80. Mr Valentin, a well-known insurance figure in Gabon, was the chairman of SCG-Ré since its creation in 2012. He also founded insurance company OGAR in the 1970s, where he held the position of general manager. Mr Valentin was…

Mauritania becomes one of first to sign pan-Africa trade deal

Mauritania becomes one of first to sign pan-Africa trade deal

Mauritania becomes one of first to sign pan-Africa trade deal

Mauritania has ratified the African Continental Free Trade Agreement (AfCFTA), making it one of the first African nations to take the step. In an audience with the President of Mauritania, Mohamed Ould Abdel, Economic Commission for Africa (ECA) executive secretary Vera Songwe congratulated the country on the move. They also discussed the use of innovative financing investment mechanisms to strengthen…

New bridge reduces risks of trade between Senegal and Gambia

New bridge reduces risks of trade between Senegal and Gambia

New bridge reduces risks of trade between Senegal and Gambia

The risk of doing business between Senegal and the Gambia reduced last week as a new bridge linking the two countries opened. The bridge is a safer, quicker, and alternative route to the risky ferry crossing or the long detour between the northern and southern parts of both nations. The construction allows people from the north of Senegal to rapidly…

Conference explores waqf funding to support sustainable development in Guinea

Conference explores waqf funding to support sustainable development in Guinea

Conference explores waqf funding to support sustainable development in Guinea

The Islamic Research and Training Institute (IRTI) has participated in an international conference for waqf (a form of chairtable donation) in Guinea, organised by the Islamic Development Bank (IsDB), looking for solutions to boost sustainable development. The president of the IsDB, Dr Bandar Hajjar, along with several heads of state, discussed unlocking the potential of waqf to achieve sustainable development,…

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