The President of the Actuarial Society of Ghana, Neil Tagoe, has informed reporters that there is a need to take a second assessment of the current challenges that have a significant impact on the people’s economic well-being while speaking at the Actuaries Society of Ghana Actuaries Connect Conference 2021.
Mr. Tagoe posited that the significant changes in regulations governing the practice of financial services business in Ghana necessitate a thorough examination of regulatory issues such as capitalization, risk management practices, Asset-Liability Management (ALM) strategies, governance, and, most importantly, International Financial Reporting Standards.
Although he concurs with the respective regulatory agencies – the National Insurance Commission, the National Pensions Regulatory Authority, the Bank of Ghana, and the Securities and Exchange Commission – that the overall impact of these attempts and major changes are to ensure a sound and financially stable economy. He noted a more pressing matter is the availability of highly skilled economic workers to help facilitate and guide these regulatory transitions.
“Not to duel on the financial service sector only, as that forms only a part of our national economic life, there is still a myriad of upcoming issues that continues to substantially impact and play a significant part in the day-to-day lives of the ordinary Ghanaian that require more than the traditional skill of today’s risk professional”.
Neil Tagoe
Mr. Tagoe requested for a strategic focus on mobilizing enough funds to develop the technical and professional expertise needed to carry out these requirements in the future, adding that “this, if successful and coupled with our core skills-set will position the profession as a pillar of the future Ghana we envisage.”
The President of the association, therefore, voiced concerns that the difficulties discussed at the previous conference have been carried over, with deeper effects as a result of new Covid-19 virus variants, which have stalled or slowed general economic activity.
Membership devotion to the Society’s course, weak publicity of the profession, inadequate financial resources for the management of the Actuaries Society of Ghana Secretariat, and retention of student member candidates in the industry, he said, are just a few of the new and existing challenges that have lingered in the shadows over the period.
Despite the fact that there have been no significant activities for the general membership in the previous year and the first half of this year, the President of ASG stressed that committee meetings have been continuous in trying to offer ways to solve the problems they face as a professional body.
“Our Committees and the ASG Secretariat’s activities may not be visible to all, but the resultant effect of their efforts to curtail the challenges are evident with lasting future impacts soon to hit the entire actuarial community and the industries where members work.”
Neil Tagoe
Neil cited the Non-Life Committee’s strategy plan to construct a full-scale non-Life actuarial office position and the Education Committee’s development of an ASG Education Pathway as examples of achievement.
Furthermore, the African Actuarial Society has invited all industry and non-industry participants to the 6th African Actuarial Conference, which will be held in Ghana in March of next year.
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