A new actuarial model could help African insurers lead the next era of financial resilience, starting with Ghana.

Reinsurance rarely makes the headlines, but it plays a quiet, stabilizing role behind the scenes such as helping insurers pay claims after disasters, supporting public health schemes, and safeguarding national assets.

In Ghana, where insurance penetration remains under 2% of GDP and financial shocks like pandemics and floods regularly test the limits of local capacity, rethinking how insurers share risk is not just technical; it’s urgent.

In a new study, actuarial scientist Dr. Ernest Forson Aboagye presents a new model that reimagines how insurers determine the balance between retaining risk and transferring it through reinsurance. His solution is built for the complexity of emerging markets, where data can be sparse, losses are volatile, and every premium cedi counts.

Rethinking Risk Transfer in the Ghanaian Context

Traditionally, reinsurance modeling in academia and regulation has favored stop-loss (SL) contracts, a structure where insurers pass aggregate losses above a threshold to reinsurers. While this works well in controlled simulations, it often fails in real-world settings like Ghana’s, where inflation, exchange rate shocks, and climate volatility make loss forecasting difficult.

Dr. Aboagye’s model shifts toward excess-of-loss (EoL) contracts, which are sparsely used in practice, compared to SL contracts, but lacked a robust theoretical foundation. His contribution is a statistically rigorous, nonparametric approach to estimating the optimal “retention limit”, i.e., how much risk the insurer should keep before triggering reinsurance.

The model allows insurers to: use actual local claims data rather than imported assumptions; align with global capital adequacy regulations like Value-at-Risk (VaR) and Expected Shortfall (ES); and adjust retention dynamically based on market conditions or contract design

Why EoL Is More Viable in Ghana and West Africa

In West African markets like Ghana’s, EoL contracts offer critical advantages over SL structures. First, they are more marketable to reinsurers, as they are based on individual claim limits rather than hard-to-estimate cumulative losses. This makes pricing more transparent and reduces uncertainty.

Second, premium costs are generally lower, as EoL does not require exhaustive aggregation of claims across a full policy period — a process that is difficult in markets where claims reporting and data infrastructure remain fragmented.

Moreover, in Ghana’s context, inconsistent claims timelines and delays in loss development often render SL assumptions unreliable. EoL, by contrast, allows for event-based protection as reinsurers can step in after a single large loss, even if other claims are pending or under investigation. This is crucial for insurers covering catastrophe, motor, or health risks, where shocks are frequent but hard to tally in real time.

Finally, the regulatory shift toward risk-based supervision favors models that can stress-test individual risk layers: something EoL structures accommodate naturally. All of these factors make EoL a more resilient, cost-effective, and regulation-friendly contract type for the region.

Why This Matters Post-COVID

The COVID-19 pandemic exposed weaknesses in Ghana’s insurance ecosystem, especially for health and SME risk, where liquidity constraints and coverage gaps became acute. Although the industry recorded GH¢4.2 billion in gross written premiums in 2020, representing about 21% year-on-year growth according to the National Insurance Commission , growth slowed compared to earlier years, and pressures on capital reserves increased.

In response, Ghana’s NIC has accelerated its transition toward risk-based supervision, in line with global standards like Solvency II. Dr. Aboagye’s framework supports this shift by providing actuaries and regulators with a tool that is analytically sound, locally adaptable, and aligned with solvency reforms.

Who Benefits? Real-World Use Cases

This isn’t just theory. The model has practical implications across sectors:

• Agricultural Insurance: For insurers covering maize or cocoa farmers in the northern and other regions, the model supports rainfall-linked risk pooling and more accurate catastrophe pricing.

• Energy and Infrastructure: Ghana’s investments in renewables and oil infrastructure require reinsurance contracts tailored to project-phase risk, something this method enables.

• Microinsurance and Health: Products under Ghana’s NHIS or private health insurers need backstops for pandemic-scale claims. The model helps insurers simulate extreme events and set fairer terms with reinsurers.

• Property and Urban Flood Risk: In cities like Accra and Kumasi, insurers are increasingly exposed to climate-driven property damage. The model supports event-based coverage, allowing firms to design trigger thresholds for localized flooding or fire incidents, especially useful where urban planning gaps and drainage failures elevate loss unpredictability.

Ghana is home to strong reinsurers like Ghana Re and WAICA Re, and newer players such as ZEP-RE (PTA Re) and ARC Ltd are increasing their African footprint. For them, adopting flexible and data-informed treaty structures is not just prudent, but also a source of competitive edge. This reinsurance model provides the theoretical foundation for reinsurers seeking to price risk more precisely in emerging economies.

A Call for Ownership and Vision for Resilience

Crucially, this is not a “black box” algorithm. “It’s implementable using standard actuarial tools and open-source statistical software,” Dr. Aboagye says. “The goal is to put the power of modern risk design into the hands of African professionals.” This includes Ghanaian universities, where actuarial science programs are growing, and insurance companies seeking to train local talent in pricing and reinsurance analytics.

Rather than replicating imported models that assume complete data and perfect market stability, Dr. Aboagye argues for a context-aware reinsurance architecture. “Ghana has its own risk story,” he says. “Our models should reflect that.”

With partnerships between regulators, reinsurers, and academic researchers, Ghana could emerge as a leader in homegrown financial resilience strategies, not just reacting to disaster but proactively designing around it.

How Virtual Reality is enhancing business and customer experience

The Feed Ghana program presents a viable opportunity for profitable investment in modernising agriculture and addressing climate change, Eric Hatudson Asamani, Greater Accra Regional Director of Agriculture, has said.

He made the remarks at the Ghana-Nebraska Agribusiness, Growth and Trade Relations Chamber (GNEBCham) forum in Accra, themed “Doing Business in America with Americans.”

“Our proposal is the Feed Ghana program, which comes with all manner of opportunities, mechanising and scaling up our production base, and this is achievable through the establishment of agribusiness centres,” Asamani stated.

He identified input supply, land development, technology, and infrastructure, particularly for producing soybean, maize, rice, sorghum, starchy crops, tree crops, and poultry processing, as priority areas for investment.

Asamani said Ghana’s five central pivot irrigation systems were inadequate and presented further investment potential.

“It’s a huge opportunity for investors, especially in the era of climate change. The water bodies exist, and we can really create more with the involvement of dugouts, for commercial farming,” he added.

Asamani noted that investing in Ghana would allow Nebraska agribusinesses to consolidate their presence and expand into West Africa.

“For international investors, Ghana’s stable democratic environment, English-speaking population, and strategic location in West Africa present additional advantages beyond the immediate agricultural prospects,” he said.

Alberta Nana Akyea Akosa, Co-Founder of GNEBCham, said the Chamber was promoting collaborative agribusiness ventures to avoid siloed operations.

“We are always looking for our individual interest, but this time, we’re coming together as a Chamber to even have a commercial farm project, bringing value and volume to the table and exporting our products in large quantities sustainably,” she said.

Ken Schilz, former Nebraska State Senator and Co-Founder of GNEBCham, said American companies were developing smaller, more practical machinery to support Ghana’s agricultural needs.

He emphasised that successful international partnerships required sustained effort and noted ongoing engagements with Ghana’s Ministry of Food and Agriculture to advance mutual initiatives.

A new actuarial model could help African insurers lead the next era of financial resilience, starting with Ghana.

Reinsurance rarely makes the headlines, but it plays a quiet, stabilizing role behind the scenes such as helping insurers pay claims after disasters, supporting public health schemes, and safeguarding national assets.

In Ghana, where insurance penetration remains under 2% of GDP and financial shocks like pandemics and floods regularly test the limits of local capacity, rethinking how insurers share risk is not just technical; it’s urgent.

In a new study, actuarial scientist Dr. Ernest Forson Aboagye presents a new model that reimagines how insurers determine the balance between retaining risk and transferring it through reinsurance. His solution is built for the complexity of emerging markets, where data can be sparse, losses are volatile, and every premium cedi counts.

Rethinking Risk Transfer in the Ghanaian Context

Traditionally, reinsurance modeling in academia and regulation has favored stop-loss (SL) contracts, a structure where insurers pass aggregate losses above a threshold to reinsurers. While this works well in controlled simulations, it often fails in real-world settings like Ghana’s, where inflation, exchange rate shocks, and climate volatility make loss forecasting difficult.

Dr. Aboagye’s model shifts toward excess-of-loss (EoL) contracts, which are sparsely used in practice, compared to SL contracts, but lacked a robust theoretical foundation. His contribution is a statistically rigorous, nonparametric approach to estimating the optimal “retention limit”, i.e., how much risk the insurer should keep before triggering reinsurance.

The model allows insurers to: use actual local claims data rather than imported assumptions; align with global capital adequacy regulations like Value-at-Risk (VaR) and Expected Shortfall (ES); and adjust retention dynamically based on market conditions or contract design

Why EoL Is More Viable in Ghana and West Africa

In West African markets like Ghana’s, EoL contracts offer critical advantages over SL structures. First, they are more marketable to reinsurers, as they are based on individual claim limits rather than hard-to-estimate cumulative losses. This makes pricing more transparent and reduces uncertainty.

Second, premium costs are generally lower, as EoL does not require exhaustive aggregation of claims across a full policy period — a process that is difficult in markets where claims reporting and data infrastructure remain fragmented.

Moreover, in Ghana’s context, inconsistent claims timelines and delays in loss development often render SL assumptions unreliable. EoL, by contrast, allows for event-based protection as reinsurers can step in after a single large loss, even if other claims are pending or under investigation. This is crucial for insurers covering catastrophe, motor, or health risks, where shocks are frequent but hard to tally in real time.

Finally, the regulatory shift toward risk-based supervision favors models that can stress-test individual risk layers: something EoL structures accommodate naturally. All of these factors make EoL a more resilient, cost-effective, and regulation-friendly contract type for the region.

Why This Matters Post-COVID

The COVID-19 pandemic exposed weaknesses in Ghana’s insurance ecosystem, especially for health and SME risk, where liquidity constraints and coverage gaps became acute. Although the industry recorded GH¢4.2 billion in gross written premiums in 2020, representing about 21% year-on-year growth according to the National Insurance Commission , growth slowed compared to earlier years, and pressures on capital reserves increased.

In response, Ghana’s NIC has accelerated its transition toward risk-based supervision, in line with global standards like Solvency II. Dr. Aboagye’s framework supports this shift by providing actuaries and regulators with a tool that is analytically sound, locally adaptable, and aligned with solvency reforms.

Who Benefits? Real-World Use Cases

This isn’t just theory. The model has practical implications across sectors:

• Agricultural Insurance: For insurers covering maize or cocoa farmers in the northern and other regions, the model supports rainfall-linked risk pooling and more accurate catastrophe pricing.

• Energy and Infrastructure: Ghana’s investments in renewables and oil infrastructure require reinsurance contracts tailored to project-phase risk, something this method enables.

• Microinsurance and Health: Products under Ghana’s NHIS or private health insurers need backstops for pandemic-scale claims. The model helps insurers simulate extreme events and set fairer terms with reinsurers.

• Property and Urban Flood Risk: In cities like Accra and Kumasi, insurers are increasingly exposed to climate-driven property damage. The model supports event-based coverage, allowing firms to design trigger thresholds for localized flooding or fire incidents, especially useful where urban planning gaps and drainage failures elevate loss unpredictability.

Ghana is home to strong reinsurers like Ghana Re and WAICA Re, and newer players such as ZEP-RE (PTA Re) and ARC Ltd are increasing their African footprint. For them, adopting flexible and data-informed treaty structures is not just prudent, but also a source of competitive edge. This reinsurance model provides the theoretical foundation for reinsurers seeking to price risk more precisely in emerging economies.

A Call for Ownership and Vision for Resilience

Crucially, this is not a “black box” algorithm. “It’s implementable using standard actuarial tools and open-source statistical software,” Dr. Aboagye says. “The goal is to put the power of modern risk design into the hands of African professionals.” This includes Ghanaian universities, where actuarial science programs are growing, and insurance companies seeking to train local talent in pricing and reinsurance analytics.

Rather than replicating imported models that assume complete data and perfect market stability, Dr. Aboagye argues for a context-aware reinsurance architecture. “Ghana has its own risk story,” he says. “Our models should reflect that.”

With partnerships between regulators, reinsurers, and academic researchers, Ghana could emerge as a leader in homegrown financial resilience strategies, not just reacting to disaster but proactively designing around it.

How Virtual Reality is enhancing business and customer experience

Cocoa relief targets displaced in Gaza

Former President Nana Akufo Addo has promised to extend the needed support to the children of the late Highlife Musician Daddy Lumba.

He noted that this is part of the measures to show appreciation to the musician.

 The Former President said this when he visited the family to extend his sympathy.

Nana Akufo-Addo insisted that the late Highlife Musician Daddy Lumba is indeed among the greats in the Music industry that the country has produced.

“Indeed, Daddy Lumba goes into the History books for Highlife greats that the country has produced, like King Bruce, Jerry Hanson and E.T. Mensah.

“He is indeed part of them. And to his children, the assurance is that they will not be orphans. We will all support them,” the former president said.    

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Photo of a rubber plantation

Some rubber farmers in the Nzema enclave, have called on the Tree Crop Development Authority (TCDA) to license and regulate activities of stakeholders in the rubber production value chain to help protect the interest of all players particularly farmers, traders, and aggregators.

Yirenkyi Ansah, who spoke to the Ghana News Agency (GNA) on behalf of his colleague farmers, said some local rubber processing factories had taken advantage of the unregulated sector to pay unfair prices for raw materials supplied to them.

He said the situation was having a negative impact on their livelihoods, making some of them to sell off their farms to illegal miners.

“Most rubber processing factories in Ghana now are without their own plantation or with plantations that cannot feed even a quarter of their factory’s capacity, so they mostly depend on farmers for direct supply or through traders and aggregators.

“However, these processors are unwilling to offer reasonable prices that can take care of the cost components of the plantation, making the rubber trading business among local processors unprofitable,” he stated.

He also mentioned other challenges like the delay in payment by local processors for supply made to them, and the inadequate capacity to process the raw materials.

He said: “One of the reasons why we prefer to trade with exporters of raw rubber rather than supplying to local processors is a lack of cooperation and compromise between us and them, and they have turned deaf ears to our genuine concerns.”

The farmers, therefore, called on the TCDA and other relevant authorities to take steps to regularise the rubber production sector to benefit every stakeholder in the value chain and help grow the industry.

“We are calling on the Tree Crop Development Authority to take careful steps to license and regulate the rubber industry to protect all actors including farmers and traders whose activities impact the economic life of the rural communities and directly affect production,” they added.

Mona Gucci (L) has been fined for making some defamatory comments against Yvonne Nelson (R)

An Accra High Court has fined Ghanaian media personality Mona Gucci GH¢ 340,000 for spewing some derogatory comments about actress Yvonne Nelson.

It would be recalled that on May 26, 2020, the media personality, during a discussion on Neat FM, referred to Yvonne Nelson as a “slay queen”, adding that the actress’ lavish lifestyle was sponsored by persons behind the scenes.

In a recent development, an Accra High Court on Wednesday, May 30, 2025, presided over by Justice Audrey Kocuvie-Tay ruled in favour of the actress.

Per the court’s ruling, Mona Gucci is obligated to retract her statement and apologise to Yvonne Nelson on the same media platform where she had earlier said them.

Mona Gucci has also been ordered by the court to pay Yvonne Nelson a sum of GH¢ 250,000 as general damages, exemplary damages of GH¢ 50,000, and GH¢ 40,000 for legal fees.

According to reports, copies of the ruling shall be available for parties on the 8th day of August, 2025.

JHM/EB

Meanwhile, watch as Prophet Worlasi shares bombshell prophesies on Bawumia and NPP on The Lowdown:

The Ghana Armed Forces (GAF) Joint Task Force in Bawku has launched a major intelligence-led cordon and search operation aimed at flushing out armed bandits and retrieving illegal weapons in the conflict-hit municipality.

The operation, which took place on Friday, August 1, was led by Taskforce Commander Colonel Rosslyn Foli Atiogbe, alongside Lieutenant Colonel Kakra Sasu-Antwi, Commander Rear of the 11 Mechanized Battalion, and other senior officers.

According to the military, the operation was carefully coordinated based on actionable intelligence targeting suspected hideouts of criminal elements believed to be behind recent violence in the area.

This latest action comes in response to the renewed escalation of conflict in Bawku, which recently resulted in the tragic killing of three Senior High School students. In the wake of these killings, the Ghana Armed Forces have significantly increased their presence in the Bawku general area in a bid to restore order and safeguard civilians.

More than 200 military personnel have been deployed within the Bawku municipality, with an additional 200 troops strategically stationed across the Upper East Region to strengthen security and intensify patrols.

During a working visit to the area on July 30, 2025, the Chief of Army Staff, Major General Lawrence Kwaku Gbetanu, commended the troops for their professionalism and commitment to peace enforcement.

He reiterated the Military High Command’s unwavering support for the operation and affirmed that every necessary step will be taken to ensure lasting peace in Bawku and its surrounding areas.

“We will not leave any stone unturned in our efforts to restore calm. The safety and security of the people in Bawku and the Upper East Region remain a top priority,” Major General Gbetanu stated.

General Gbetanu assured the public that the ongoing operations will be conducted with strict adherence to human rights protocols and has called on troops to be professional in the discharge of their duties.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

By Iddi Yire

Accra, Aug 02, GNA – Dr Zanetor Agyeman-Rawlings, Member of Parliament (MP) for Klottey-Korle, has strongly condemned the fatal stabbing incident that occurred at the Kinbu Senior High School (SHS) in Accra. 

“I am deeply shocked and saddened by the tragic incident that occurred on Thursday, 31st July 2025, at Kinbu Senior High School, which resulted in the fatal and senseless stabbing and loss of a young student,” she stated in a statement copied to the Ghana News Agency. 

“I strongly condemn this act of violence and I am calling for a swift and thorough investigation by the relevant authorities to ensure that justice is served. 

“Violence has no place in our schools! Our children must feel safe in their learning environments,” the MP stated. 

She said that tragedy must be a wake-up call for all stakeholders in the education and security sectors to reassess the safety protocols within schools and take immediate steps to prevent such incidents from recurring. 

“My thoughts are with the bereaved family, the students, faculty, and the entire Kinbu SHS community during this period of grief.”  

She said as the Member of Parliament for the Constituency, she was committed to working with the Ghana Education Service, school authorities, community leaders, and security agencies to enhance safety and mental health support within schools across the constituency. 

GNA  

Edited by Lydia Kukua Asamoah 

By Emelia B. Addae

Nkawkaw (E/R), Aug. 02, GNA – The Eastern Regional Office of the Food and Drugs Authority (FDA) has engaged stakeholders in food service establishment particularly bakers, on Good Manufacturing Practices (GMP), product registration and licensing requirements, at Nkawkaw in the Kwahu West Municipality.

Madam Anita Owusu-Kuffour, the Eastern Regional Head of the Food and Drugs Authority said the engagement aimed to promote food safety as part of the ‘Buy Ghana Love Ghana Campaign’.

She said the Campaign, encouraged Ghanaians to prioritise made in Ghana goods by increasing awareness of their quality, affordability, and benefits to the local economy.

She urged owners of the food service establishment to work with improved standards to meet the necessary criterion, to be competitive on the world market.

During a stakeholder’s engagement at Nkawkaw, a prime location for bakery products, Madam Owusu-Kuffour said the training programme was to also ensure that participants complied with the Public Health Act, 2012 (Act 851) Section 97: (1) and (4).

She said the Public Health Act, 2012 (Act 851) Section 97: (1) states that, A person shall not manufacture, import, export, distribute, or sell or supply food or expose food for sale, unless they had been registered with the Authority.

Again, “Section 97 (4) also states that, Authority shall register the food if it is satisfied that the food complies with the prescribed standards, and the manufacturing operations for the food complies with the prescribed current codes of good manufacturing practices,” she said.

Madam Owusu-Kuffour said such education would be extended to the rest of the districts and municipalities, to help increase the number of registered facilities in the region.

Mr Joseph Gyau Yeboah, the Principal Regulatory Officer, FDA Enforcement Unit in Koforidua, sensitised participants on licensing facilities.

He said the licensing guidelines involved an application letter, business certificate, health certificate for workers, facility licensing fees as per the free schedule, and Good Management Practices (GMP) inspection.

He said the inspection of Good Management Practices would be conducted at the facilities to optimise productivity and foster positive workplace culture.

The practices include the provision of a toilet facility, handwashing facility, working gear, head gear, proper packaging among others.

The training programme was organised together with the Environmental Health Unit at Nkawkaw.

Madam Hannah Asiedu, a baker thanked the FDA and appealed for a periodic training programme on issues of such.

GNA

Edited by D. I. Laary / Christabel Addo

A photo of the defunct uniBank building

Private legal practitioner, Kwame Boafo Akufo, has challenged the financial rationale behind the collapse of uniBank, describing the figures presented by authorities as inaccurate, unaudited, and legally problematic.

His remarks follow the Attorney-General’s decision on July 22 to file a nolle prosequi in the criminal case involving former finance minister, Dr Kwabena Duffuor and seven others.

The accused had faced charges related to the 2018 collapse of uniBank, including theft and money laundering. The case, The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020), was part of Ghana’s high-profile financial sector clean-up exercise.

However, the Attorney-General’s office, through Deputy Attorney-General, Dr Justice Srem-Sai, announced the discontinuation of the case due to what it described as “significant recoveries” of state funds—reportedly reaching a 60% threshold.

In an interview on Morning Starr with Naa Dedei Tettey on Thursday, July 31, Akufo questioned the integrity of the figures used to justify uniBank’s license revocation, particularly the alleged GH¢ 5.3 billion liability attributed to shareholders and related parties.

“That figure was never validated,” Akufo stated. “From the outset, the receiver was clear that the figure of GH¢5.7 billion was not a validated figure. It had not been audited in accordance with international standards, so that figure is not a statement of fact — it was a notion that was put out there.”

He argued that, over time, the alleged liability was significantly reduced through court proceedings and reconciliation exercises – from GH¢5.7 billion to GH¢2.8 billion, and further down to GH¢2 2 billion.

Of that revised amount, he explained, GH¢824 million was tied to properties held in trust for the bank, while GH¢1.2 billion was owed by third-party debtors. He also noted that the government itself owed uniBank GH¢2.9 billion through Treasury bills, unpaid interest, and ESLA bond arrears.

“At the heart of this dispute is a miscalculation and misdistribution of liability, which was based on inaccurate figures,” he asserted.

Meanwhile, the Minority in Parliament has criticized the Attorney-General’s decision to withdraw the charges, demanding a comprehensive explanation and warning of possible legal action.

They argue that the discontinuation undermines accountability for the financial crisis that led to the collapse of several indigenous banks and cost taxpayers billions of cedis.

Private legal practitioner and Director-General of the National Road Safety Authority, Abraham Amaliba, says the Attorney General, Dr Dominic Ayine should provide concrete evidence that the state has recovered 60% of funds in the Unibank case.

Speaking on JoyNews’ Newsfile on Saturday, August 2, Mr Amaliba said while the Attorney General’s decision to adopt a non-conviction-based asset recovery approach may be legally sound, it must be justified with verifiable results.

“We need to subject that decision to scrutiny. Is it actually true that 60% has been recovered? We need evidence to show that,” Mr Amaliba stated.

Dr Ayine, who recently announced that the state would pursue recovery without necessarily seeking a criminal conviction. Mr Amaliba defended this decision as a possible strategic move after a thorough legal review.

“You have an Attorney General who has inherited a case that’s been running for seven years. He will definitely review the case,” he explained. “He may have looked at the matter and concluded, ‘I cannot guarantee a conviction, so why don’t I cut my losses and recover what I can for the state?’”

He added, “Anytime you put together lawyers from the Attorney General’s Department to prosecute a matter, it is an expense to the state. If the Attorney General believes the state benefits more through recovery than prosecution, that’s a valid consideration.”

Mr Amaliba argued that the ultimate priority should be recovering state funds, not merely securing high-profile convictions. “As a nation and as a people, are we interested in recovering what has been lost, or are we interested in seeing a full trial where, in the end, someone might walk free?” he asked.

Read also: Duffuor Case: AG defends withdrawal, says partial recovery better than nothing

Responding to critics who claim the Attorney General is favouring individuals linked to the NDC, like Dr Duffour, Mr Amaliba dismissed the notion as politically motivated.

“Why is the prosecution always about NDC-connected people? This same Attorney General, Dr Ayine, once prosecuted my own brother when he previously held the same office,” he revealed.

He also addressed public concern over the principle of necessity, noting that legal decisions can still stir public debate. “Whatever decision you take, once it’s supported by law, doesn’t mean people will not feel uncomfortable. But at the end of the day, the law must prevail,” he said.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Richard Ahiagbah is the Director of Communications for NPP

The Director of Communications for the New Patriotic Party (NPP), Richard Ahiagbah, has criticised the continuous attacks on journalists, urging President Mahama to take action instead of mere talks, citinewsroom.com has reported.

Ahiagbah highlighted the importance of protecting the rights laid down in the constitution, especially Article 21, which promises freedom of speech for all citizens, including the media.

“It’s troubling, we should condemn it in no uncertain terms, that act is unacceptable. President Mahama talking about it is not the solution.

“What we’re looking for is to stop that environment, give full effect to Article 21, the freedom of speech of citizens, including the media, is guaranteed. We are just asking for what the Constitution has provided,” he said.

He made these remarks while speaking on Channel One TV’s The Big Issue on August 2, 2025

Ahiagbah’s remarks are in reaction to the recent attacks on members of the media recently.

Recently, a JoyNews journalist was attacked while performing his duties, a development condemned by the president while reaffirming his dedication to ensuring press freedom.

The president also instructed security agencies to hold the perpetrators accountable.

There have been a series of attacks on journalists recently, which have raised concerns about the freedom and safety of media personnel in the country.

RAD/EB

How Virtual Reality is enhancing business and customer experience

The Ghana Entrepreneurs Foundation celebrated the accomplishments of some of the nation’s most illustrious business leaders at its 15th Anniversary Awards and Dinner Gala, held in Accra on Friday, August 1, 2025.

The prestigious ceremony, which recognised exceptional entrepreneurial impact, service, and innovation, honoured industry giants whose legacies continue to shape Ghana’s economic landscape.

Legacy Lifetime Achievement Awards 2025

Six eminent personalities were presented with the Legacy Lifetime Achievement Award, recognising their enduring contributions to business development and national progress:

1. H.R.M Naa Prof. Edmund Nminyem Delle Chiir VIII
2. Dr Paul Kofi Fynn
    Chancellor & Founder, Wisconsin International University College, Ghana
3. Dr Felix Kwaku Anyah
    Executive Chairman, Holy Trinity Medical Centre & Holy Trinity SPA and Health Farm
4. Dr Francis Akuamoah Boateng
    Founder & Executive Chairman, Strategic Security Systems International Ltd
5. Mr Parshotam Aidasani
    Founder & Chairman, Jay Kay Group
6. Mr Gopal Vasu
    Chief Executive Officer, M & G Pharmaceuticals Ltd

Top 25 Most Influential Entrepreneurs of all time, 2025

The Foundation also unveiled its prestigious list of the top 25 most influential entrepreneurs of all time, celebrating trailblazers whose entrepreneurial journeys have had a profound impact on national and regional economies.

Notable honourees include:

1. Mr Bernard Joseph
    Chief Executive Officer, Sunshine Healthcare Ltd
2. Mr Mukesh V. Thakwani
    Founder & Chairman, B5 PLUS Group
3. Dr Joseph Siaw Agyepong
    Executive Chairman, Jospong Group of Companies
4. Dr Mrs Ellen Hagan
    Chief Executive Officer, LAINE Services Ltd
5. Ms Esther Amba Numaba Cobbah
    Founder & Chief Executive Officer, Strategic Communications Africa (Stratcomm Africa)
6. Dr Paul Sekyere Nyantakyi
    Chief Executive Officer, MDS-Lancet Laboratories Ghana Ltd
7. Dr Nora Bannerman-Abbott
    Chief Executive Officer, Sleek Garments Export Limited
8. Dr Christian Kwasi Agyeman
    Chief Executive Officer, Taabea Group of Companies
9. Mrs Patience Tsegah
    Managing Director, Unicom Chemists Ltd
10. Mr Hayssam Fakhry
     Managing Director, Interplast Ltd
11. Mr Jean-Paul Achkar
     Founder & Senior Managing Director, Everpack Ltd
12. Mr Talal Ghandour
     Chief Executive Officer, Ghandour Cosmetics Ltd
13. Mr Pawan Aidasani
     Chief Executive Officer, Jay Kay Industries and Investments Ltd
14. Mr Nazem Khaled Karroum
     Chairman, Samir Group of Companies
15. Nana Dr Emmanuel Adu Sarkodee Afriyie
     Group Chairman, CDH Financial Holdings Ltd
16. Mr David Osei Amankwah
     Managing Director, David Walter Ltd
17. Dr Mrs Kate Quartey-Papafio
     Chief Executive Officer, Reroy Group of Companies
18. Dr MacDonald Vasnani
     Chief Executive Officer, Consolidated Shipping Agencies Ltd
19. Dr Theresa Oppong-Beeko
     Chief Executive Officer, Manet Group of Companies
20. Mr Moses Baiden Jnr.
     Founder & Chairman, Margins ID Group
21. Dr James Orleans-Lindsay
     Executive Chairman, JL Holdings Ltd
22. Mr Daniel Awuah Darko
     Executive Chairman, Vanguard Assurance Company Ltd
23. Dr Osei Kwame
     Executive Chairman, Despite Group of Companies
24. Dr Ernest Ofori Sarpong
     Executive Chairman, Special Group of Companies
25. Dr Daniel McKorley
     Founder & Chairman, McDan Group

The evening was marked by tributes to entrepreneurial resilience, with honourees encouraged to continue inspiring the next generation of Ghanaian business leaders.

Instituted in 2010, the Ghana Entrepreneurs Awards Gala Dinner provides a platform for networking and celebration of business excellence.

It acknowledges entrepreneurs and executives who have demonstrated outstanding leadership, adhered to good corporate governance practices, and achieved sustained business performance across various sectors.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Reinsurance may not make daily headlines, but it is the hidden engine behind financial stability for insurers, governments, and even disaster-prone communities.

In a groundbreaking new study, Actuarial Scientist Ernest Forson Aboagye, a product of the University of Cape Coast and now a researcher at Georgia State University, challenges long-standing global assumptions about how insurers share risk.

His work proposes a smarter, data-driven approach to reinsurance that has already caught the attention of international scholars and could reshape how African insurers prepare for catastrophe, regulate solvency, and price protection.

In this exclusive interview, Aboagye discusses the roots of his research, its real-world applications, and why it matters deeply for Ghana and the continent at large.

Q. Can you briefly introduce yourself to our readers?

Sure. I am Ernest Forson Aboagye, a Ghanaian actuarial scientist and quantitative finance researcher. I graduated from the University of Cape Coast in 2014 with a BSc in Actuarial Science. After that, I worked there briefly as a teaching assistant, where my interest in research was sparked while mentoring students and engaging with local insurance challenges. I later pursued a master’s in Mathematics in the U.S. and worked for a few years as a practicing actuary across insurance and consulting firms, gaining practical exposure to pricing, pensions, and reinsurance. Currently, I’m completing my PhD in Risk Management and Insurance at Georgia State University. My work focuses on reinsurance design, financial risk modeling, and applying advanced analytics to strengthen the insurance ecosystem.

Q. What inspired your career path in actuarial science and research?

Growing up in Ghana, I saw firsthand how financial shocks whether from health crises, floods, or business failures could destabilize families and communities. So, when I got the chance to study actuarial science at UCC and engage in early research, I quickly realized its potential to help people and institutions manage uncertainty using data, mathematics, and structured modeling. Research became a natural extension of that curiosity

Q. Let’s talk about your latest study. In simple terms, what is it about?

At its core, the study challenges how insurers decide how much risk to keep and how much to pass on to a reinsurer. The current academic model utilizes stop-loss reinsurance, this looks clean on paper but does not hold up in real-world insurance markets. We propose a more flexible, data-driven method based on excess-of-loss reinsurance. It helps insurers set optimal retention levels (“deductible to an insurer”) using real data and can adapt to different pricing rules and risk preferences. So, it’s not just a theory. It is practical and actionable.

Q. How does this new model improve what Ghanaian insurers are doing today?

It gives insurers a clearer, statistically sound way to decide how much risk they can safely retain. Instead of relying on fixed rules or outdated pricing, they can now calculate retention based on their actual claims data and solvency targets. This helps prevent underinsurance or overpaying for reinsurance. It also allows for more transparency when engaging with regulators or global reinsurers, especially under Ghana’s evolving risk-based supervision regime.

Q. Are there specific sectors in Ghana that could benefit more immediately?

Absolutely. Agricultural insurance, microinsurance and health insurance stand to gain. These sectors serve vulnerable populations and operate on thin margins. They face high volatility, whether from weather events or public health crises. A data-driven reinsurance strategy can improve capital management, reduce solvency risk, and allow these insurers to grow sustainably. For example, a crop insurer in the Northern regions could model losses over time and negotiate better reinsurance terms based on this framework, rather than using assumptions from foreign markets. It levels the playing field.

Q. What about natural disaster coverage, like floods in Accra or droughts in the North?

That’s where this model becomes even more relevant. Natural disasters are unpredictable, but we can still model their impact using statistical tools. With my method, insurers can assess the financial consequences of extreme events like floods or droughts and design reinsurance layers that respond more accurately. For example, instead of covering aggregate annual losses, they can trigger reinsurance per event or per region. This helps insurers avoid long settlement delays and ensures timely payouts. It also builds confidence for international reinsurers to underwrite Ghanaian risks at better terms.

Q. How does this study relate to regulatory reforms in Africa?

Many African regulators, including Ghana’s NIC, are moving toward risk-based capital frameworks similar to Solvency II. My model fits directly into that direction – it is aligned with risk measures like Value-at-Risk and Expected Shortfall.

This allows insurers to demonstrate solvency in a quantifiable way, which satisfies both local and international standards. Moreover, it promotes more dynamic supervision, where regulators can assess how resilient a company is under different risk scenarios. So, it’s a tool that supports smarter regulation, not just better pricing.

Q. Are there plans to collaborate with insurers or regulators in Ghana or across Africa?

Yes. I am in early conversations with academic peers in Ghana and professional bodies in West Africa, and I am very open to working with insurers, reinsurers, or regulators who want to test or adopt the model. Whether it’s through workshops, pilot studies, or training actuarial teams, I’d be happy to support knowledge transfer and adaptation. My goal is to make the tools accessible and locally relevant.

Q. Are reinsurance companies in Ghana or Africa currently using the traditional stop-loss or excess-of-loss models?

What advice would you give them on adopting your new approach? Many prominent reinsurers like Ghana Re, WAICA Re, Africa Re, and Continental Re use stop-loss or excess-of-loss contracts in practice.

These are valuable tools but often they rely on rigid assumptions or simplified retention rules. My advice is to invest in actuarial capacity, hire or upskill local actuaries who can work with data, and start adopting more flexible, evidence-based retention models.

The framework we propose can be integrated gradually, using real claims data and aligned with local regulatory requirements. It’s not about abandoning old models, but improving them with better design, estimation, and transparency.

Q. What advice would you give to young Ghanaian students aspiring to careers in actuarial science or research?

Focus on strong math skills, yes, but also understand the human side of risk. Actuarial science is not just about passing exams; it’s about helping families, businesses, and countries prepare for uncertainty. Seek internships, build coding skills, and engage with real problems. And if you’re drawn to research, stay curious. Ghana and Africa as whole need more thinkers and doers in this space.

Q. Any final thoughts? What’s your hope for how this work is used?

My hope is that this study becomes more than theory. That it helps African insurers and policymakers rethink how we price, share, and prepare for risk. And that it becomes a small step toward a more resilient financial future for the continent.

At least GH¢73,510 has been lost to mobile data bundle scams in Ghana between January and July 2025, according to the Cyber Security Authority (CSA).

In a public alert issued on Friday, August 1, the Authority stated that it had recorded 63 reported cases over the seven-month period.

It warned that fraudsters are increasingly exploiting the demand for discounted data offers to steal money and sensitive personal information.

The scams typically involve cybercriminals impersonating mobile network operators or using fake promotions to lure victims via SMS, WhatsApp, and social media platforms. In some cases, the fraudsters convince users to make advance payments for non-existent data bundles.

“Victims are tricked into clicking malicious links, divulging passwords and mobile money PINs, or installing malware that compromises their devices and accounts,” the CSA said.

According to the Authority, some incidents involved unauthorised access to mobile money wallets and social media accounts after victims unknowingly shared their credentials. Others lost funds after paying for data bundles that were never delivered.

The CSA noted that the scammers often pose as customer service agents or legitimate vendors, offering low-cost data packages.

They send unsolicited messages or advertisements containing suspicious links, harvest personal information such as contacts, passwords and mobile money details, steal WhatsApp verification codes and PINs to hijack accounts, and install malware to gain access to social media and financial platforms.

The Authority is urging Ghanaians to remain vigilant and take steps to protect themselves online. “Be cautious of unsolicited messages promoting cheap data sales,” the CSA advised.

“Always verify vendors through official customer service channels of mobile network operators.”

It also cautioned against sharing verification codes or clicking links from unknown sources, even if they appear to come from known contacts. Users are encouraged to activate two-factor authentication on all online accounts.

The CSA has provided a 24-hour cybersecurity reporting line for victims or individuals seeking support. Reports can be made by calling or texting 292, via WhatsApp at 0501603111, or by email at [email protected].

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.