Inclusive insurance and risk financing in Ghana. Snapshot and way forward 2022

Inclusive insurance and risk financing in Ghana. Snapshot and way forward 2022

September 28, 2022

This report presents the main findings of UNDP’s inclusive insurance and risk finance country diagnostic for Ghana. It sets out key risks, the current inclusive insurance and disaster risk finance landscape, and recommendations to advance inclusive insurance, risk finance and development.

Ghana’s main hazards include floods and drought. An estimated 9 million people are covered by microinsurance. No known sovereign risk transfer solutions are in place, and there is a significant funding gap for disaster risk finance.

Recommendations include working to improve data collection, consumer education, actuarial skills and rural distribution channels; facilitating better coordination among stakeholders; and supporting the adoption of sovereign risk transfer solutions.