Swisscham Ghana meets to deliberate on new developments in Insurance sector

The Swiss-Ghanaian Chamber of Commerce by courtesy of Risk Management and Advisory Services Ltd (RMAS) held a Business Cocktail meeting for members and associates of the Chamber on 28th February 2017 at the La Villa Boutique Hotel, Osu, Accra. It was under the theme “New Developments in the Insurance Sector – Preparing for Enhanced responsibilities of Directors”.

In welcoming the members, the CEO of the Chamber; Mr. Samuel Incoom was hopeful that the general business climate in 2017 would be much more conducive for growth than the previous ones. He intimated that management was looking to introduce new initiatives geared towards value added services provided by the chamber and hoped that the members would continue to offer their support in this regard.

Speaking to the theme, Mr. Razak Hughes Dakpo; who spoke on behalf of the CEO of Risk Management and Advisory Services said “A Director cannot be excepted from liability in connection with any negligence, default, breach of duty or breach of trust in relation to a company”. In order for Directors to insulate themselves from liability, there was the need for Directors to take up “Directors and Officers Insurance Policy” which protected Directors and Officers from personal losses if they were sued or legally held liable for acts such as malpractice or negligence. The policy served as ‘management errors and omissions liability insurance’ or ‘Business judgment debt insurance’.

In his remarks, the Charge d’ Affaires of the Swiss Embassy in Accra, Mr. Roland Fischer gave an overview of trade between Ghana and Switzerland over the past few years. He revealed that the topmost imports from Ghana to Switzerland was gold for which Ghana ranked the third (3rd) highest supplier of gold for the year 2016 after Peru and Uzbekistan. On the other hand Ghana’s major imports from Switzerland in 2016 were pharmaceuticals products, tools and equipment and vehicles.  Mr. Fisher disclosed that the volume of trade between Ghana and Switzerland rose from $7.8 billion in 2009 to $14.8 billion dollars as of 2014.

In his closing remarks, Dr. Nortey Omaboe; Chairman of the Swiss-Ghanaian Chamber of Commerce noted that Chambers of Commerce had gained currency in recent years and noted that though it was a positive development for boosting trade between Ghana and its partners, there was the need for the Swiss-Ghanaian Chamber of Commerce in view of this development to differentiate its value proposition to its members and stakeholders. To this end, he intimated that during the year, management was going to focus on reviewing its catalogue of services in order to offer services tailored to members’ expectation. He expressed management’s gratitude to RMAS for the kind gesture.

Cross section participants 1Dakpo presents 2

Fischer remarks 2cocktail interaction 2