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COVID-19: Insurers discuss impact on industry

Krif Ghana Limited, distributors of office stationery and equipment, and publishers of Integrity Magazine, has held its 4th Webinar series on the effects of COVID-19 on Corporate Ghana.

Last Tuesday’s event, which focused on the insurance industry, brought on board insurers across the country, who touched on various aspects of the insurance sector, with a call on Ghanaians to “be interested in insurance”.

Experts took turns to explain the present and future outlook of the insurance industry amidst the COVID-19 outbreak.

Rev. Kennedy Okosun, the Chief Executive Officer of Krif Ghana Limited, urged insurance companies to do more in building trust with its stakeholders.

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According to him, a well-developed insurance industry was “a requisite necessity in the efforts to improve the stability of the financial markets and protect individuals and businesses from losses” in the difficult times of COVID-19.

He believes the period could be “the catalyst for the insurance industry to cash in as the world is at the mercy of natural disasters and accidents.”

Making further reference to the pandemic, he urged the public to ensure they were “well covered and protected in case of any eventuality.”

Mr Edward Forkuo Kyei, Chief Executive Officer, GLICO Group, also agreed that insurance companies could take advantage of the “opportunities amidst the difficulties.”

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He said COVID-19 had opened the doors for the use of various technologies to conduct virtual meetings, which were as effective as face-to-face meetings.

“These turbulent times may very well be the turning point that will drive transformational change across the insurance industry. Those who take a customer-first attitude, reset and fundamentally rethink how they do business will find themselves emerging from a position of strength when the dust settles,” he said.

Mr Shaibu Ali, Chief Executive Officer of KEK Reinsurance Brokers (Africa) Ltd said insurance brokers had as well adopted new approaches to doing business and interacting with clients.

Madam Ernestina Abeh, Managing Director of Enterprise Insurance Company Limited, in her analysis, said the country’s general insurance industry had not been plagued by “large claims as a result of the pandemic” as compared with western markets.

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She explained that the pandemic had enabled insurance companies to go digital to reduce operational cost to some extent.

By Spectator Reporter

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High Court issues bench warrant for disputed Akwatia MP following contempt conviction

A Koforidua High Court has issued a bench warrant for the arrest of Ernest Yaw Kumi, the presumed winner of the Akwatia parliamentary seat in the Eastern region, after convicting him of contempt of court.

The court issued the bench warrant for Kumi’s arrest after he failed to attend court.

The conviction comes after he disobeyed an interim injunction against him on January 7, prohibiting him from being sworn in and admitted as the Member of Parliament-elect for the Akwatia constituency due to an ongoing legal contest over his election.

Mr Kumi presented himself in Parliament to be sworn in on January 7, 2025.

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The Judge, Justice Senyo Amedahe held that the convict, throughout the hearing of the contempt case, failed to appear in court in person.

He also rejected a letter from the minority side of Parliament claiming the MP was busy with parliamentary duties, hence his continuous absence from court.

The judge rejected the letter, insisting he would be going against his own ruling should he accept the letter from the minority caucus.

Source: Myjoyonline.com

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Asset declaration is good, but lifestyle audit is key among public officials – Domelevo to Mahama

Former Auditor General Daniel Yaw Domelevo has commended President John Mahama for declaring his assets but stressed the need for a lifestyle audit to effectively curb corruption among public officials.

Speaking on Joy News’ PM Express on Tuesday, February 18, he acknowledged the President’s move as a “good gesture” but raised concerns about the process.

“It is good to see that the President has declared his assets,” he said.

According to him, “I was not too happy seeing the envelope being given to the Auditor General because that goes more or less to support what people have all along been saying—that you put your declaration in an envelope, seal it, and give it to the Auditor General, which is not the case anyway.”

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“This should have gone through the entire process so that they capture it because you are supposed to verify the signature and be sure that the form has been properly completed. That at least should have been done, but it was not done,”he said.

While appreciating President Mahama’s directive for his appointees and public office holders to declare their assets by March 31, Domelevo expressed reservations about the timeline.

“To be honest with you, I think March 31 is too far away because the Constitution provides that it should be declared before you take office,” he argued.

He added that “Some will argue that Act 550 allows six months, but Act 550 contradicts the Constitution. I have a letter in my possession, written by former Attorney General Gloria Akuffo, confirming that the provisions of subsection 4(1) of Act 550 contradict the Constitution. However, we have all been upholding and following that.”

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Daniel Domelevo was particularly pleased with Mahama’s commitment to hold non-compliant officials accountable.

“I’m also happy the President says those who don’t declare are going to be punished or asked to leave office. I think that will cut across everybody, and that will be good,” he stated.

However, the former Auditor General stated that asset declaration alone is insufficient in tackling corruption.

“This declaration is good. We must add to it what we call a lifestyle audit and the reversal of the burden of proof,” Mr Domelevo insisted.

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“If we don’t do these two things so that we can audit and find out ‘how did you get this money?’, people are going to hide their resources or their assets with their families and friends. Everybody who is suspected of being an ally of a political or public office holder must be subjected to a lifestyle audit,” he concluded.

Source: Myjoyonline.com

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