The Chairman of the Insurance Awareness Coordinators Group (IACG), Wilson Tai, says that approximately 75% of small-scale business owners in Ghana lack adequate knowledge about insurance.
According to Mr. Tai, many micro-scale enterprises fail to prioritise insurance due to a fundamental misunderstanding of its benefits and processes.
He pointed out that, this significant gap in knowledge has left these businesses vulnerable to financial ruin during crises such as theft, fire, natural disasters, or accidents.
He stated, “I believe about 75% of Ghana’s GDP businesses in every market and small-scale industries lack knowledge about insurance.
“They’re the groups that insurance companies have overlooked, yet they are the ones who truly need insurance.”
He noted that, large corporations have dominated the insurance landscape; however, Mr. Tai emphasised that it is the market traders and small-scale industries that ought to be prioritised.
Mr. Tai made these remarks during an insurance workshop organised by the National Insurance Commission (NIC) in collaboration with insurance companies, aimed specifically at micro and small business owners in the Western Region.
The event forms part of a broader campaign to promote insurance awareness and encourage financial protection among small business operators.
He underscored the importance of such initiatives, noting that the majority of participants expressed surprise at the extensive range of insurance products available for their businesses.
Mr. Tai urged stakeholders, including government agencies, financial institutions, and the media to intensify efforts in educating business owners about the necessity and advantages of insurance.
