The Vice-President, Dr Mahamudu Bawumia, who said this, noted that there was still a considerable scope to deepen the insurance industry in many areas of the economy, including the marine and the oil and gas sectors.

He noted that the compulsory insurance provisions in the Insurance Act 2006, Act 724, such as insurance for commercial buildings and buildings under construction, must be strictly complied with, as they were meant to protect the lives and interests.

Dr Bawumia said this at the inauguration of a new office complex for the Enterprise Group, a private financial service entity, in Accra yesterday.

The 12-storey edifice has a 24-hour security, access for the physically challenged and a building management system that controls the building’s electronic and mechanical systems.

It will serve as office accommodation for the company which has five subsidiaries: Enterprise Insurance, Enterprise Life, Enterprise Trustees and Enterprise Properties and Transitions. There is also office space for rent.

Customer service

Touching on customer service, the vice-president cautioned the group and other organisations to uphold the interest of their customers because the benefits of their investment would only be realised when they gave their customers standard and quality of service.

“You must never lose sight of the fact that it is all about the customer. If we are to succeed, either as a company or as a country, we must collectively improve our customer service to make it easier for others to do business with us,” Dr Bawumia said.

He stated that to win the customer and improve the public’s trust in insurance, the price for insurance must be right to ensure that adequate benefits were given at the time of need.

He further urged Ghanaians to participate in the financial services that were available in the country, saying “our economy is growing, the national cake is getting bigger and we all must improve our financial knowledge to partake in it.”

Dr Bawumia also commended the group for its strategic partnership with Black Star Holdings Limited, a wholly owned subsidiary of Leapfrog Strategic Investments, through which Prudential Financial Incorporated, USA, had invested in Enterprise Group.

“The Enterprise Group is a perfect example of Ghanaian entrepreneurship at its best and since the company is listed on the Ghana Stock Exchange, it means Ghanaians have an opportunity to participate in their success story,” he added.

Partnership

The United States (US) Secretary of Commerce, Mr Wilbur Ross, who also attended the ceremony, lauded the bond that existed between Enterprise Group and Prudential Financial Incorporated, USA, and said the relationship did not only symbolise the importance of growth but a very good investment for the group.

He expressed excitement at President Akufo-Addo’s ‘Ghana Beyond Aid’ programme and expressed the hope that similar programmes would be replicated in other African nations.

“Trade, not just aid, is the key to sustainable growth throughout Africa and your government is among the first to embrace this strategy,” he added.
Mr Ross said he was also happy that many US trained Ghanaians were returning home from abroad to help build the country.

The Chief Executive Officer (CEO) of Enterprise Group, Mr Keli Gadzekpo, commended the government for the bold manner in which it was addressing some of the key challenges of the economy and said the group was looking forward to doing business with more US institutions.