Ghana’s Inclusive Insurance Model Gains Recognition as Blueprint for Climate and Financial Resilience
Ghana is strengthening its position as a continental leader in climate and financial resilience through the institutionalisation of Inclusive Insurance — a national framework aimed at protecting vulnerable populations from climate and economic shocks.
The initiative, led by the National Insurance Commission (NIC) with technical and financial support from the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP–IRFF), is redefining the country’s approach to insurance and sustainable development.
In 2025, the NIC and UNDP–IRFF jointly established the Inclusive Insurance Steering Committee (IISC) — a cross-sectoral body bringing together government ministries, regulators, insurers, and development partners to coordinate and implement strategies for inclusive insurance nationwide.
The Committee seeks to expand access to insurance for smallholder farmers, market women, microentrepreneurs, and informal sector workers, who remain most exposed to climate-related and economic vulnerabilities.
Speaking at a stakeholder engagement, Deputy Commissioner of Insurance, Mr Bernard Baah, underscored the national importance of inclusive insurance as a social protection tool.
“Inclusive insurance is not just a policy priority; it’s a social and economic necessity. As a nation, we are redefining insurance as a tool for resilience and shared prosperity, ensuring that every Ghanaian, regardless of income, can withstand shocks and rebuild stronger,”
Mr Baah stated.
The IISC operates through two thematic subcommittees — Agriculture & Sustainable Insurance and Policy & Innovation — tasked with driving targeted interventions within their respective focus areas.
The Agriculture and Sustainable Insurance Subcommittee, chaired by the Ministry of Food and Agriculture (MoFA), focuses on reducing risks faced by farmers through sustainable insurance solutions. Its mandate includes developing an Agricultural Insurance Consortium, modelled on successful frameworks in Côte d’Ivoire, Zambia, and Rwanda, to align agricultural data with insurance product design and promote climate-smart insurance products.
The Policy and Innovation Subcommittee, led by the NIC’s Directorate of Policy and Innovation, is pursuing regulatory and fiscal reforms to enhance market participation. Key policy actions under consideration include tax incentives, amendments to the Insurance Act, 2021 (Act 1061), and frameworks to enable Electronic Money Issuers (EMIs) to distribute microinsurance products responsibly.
In October 2025, members of the Steering Committee participated in a five-day capacity-building workshop in Prampram, organised by the NIC and UNDP–IRFF. The training focused on experiential learning, data-sharing practices, and the development of a national communications strategy for inclusive insurance, drawing lessons from case studies in the Philippines, Kenya, and Rwanda.
National Coordinator of the UNDP–IRFF, Dr Amina Sammo, highlighted the centrality of collaboration and institutional commitment to Ghana’s inclusive insurance agenda.
“The success of Ghana’s inclusive insurance journey lies in collaboration and continuity. Through the Insurance and Risk Finance Facility, we’ve shown that when innovation meets institutional commitment, resilience becomes possible for everyone — from farmers to families to future generations,”
Dr Sammo noted.
Despite progress, challenges remain, including limited actuarial capacity, low consumer awareness, and resource constraints. However, Ghana’s institutionalised, multi-sectoral model is already being recognised as a potential blueprint for other developing countries seeking to link climate adaptation, social protection, and financial inclusion.
Aligned with global frameworks such as the Sendai Framework for Disaster Risk Reduction (2015–2030) and Sustainable Development Goal 13 (Climate Action), Ghana’s inclusive insurance strategy demonstrates that governance reform, capacity building, and innovation remain central to building climate and financial resilience.
