Sanlam Allianz Life Insurance Ghana Limited has launched its Financial Education Program aimed at enhancing financial literacy and promoting insurance awareness among Ghanaians. The event, held on Thursday, October 30, 2025, marked the third edition of the initiative following earlier launches in Accra and Kumasi.
Addressing the gathering, the Chief Operating Officer of Sanlam Allianz Life Insurance Ghana, Mr. Emmanuel Oteng Tuffour, explained that insurance penetration in Ghana remains low—around 1% of GDP—compared to the African average of 3% and South Africa’s 11.54%. He attributed the low penetration to factors such as the complexity of insurance products, behavioral biases, economic constraints, and socio-demographic challenges, but emphasized that one major cause often overlooked is the lack of financial literacy.
Mr. Tuffour noted that the program seeks to bridge this gap by equipping participants with the practical knowledge and skills needed to manage personal and business finances effectively. It will also help them understand the importance of insurance in protecting income and assets against unforeseen financial risks.
He highlighted that Sanlam Allianz, formed from the merger between Sanlam and Allianz in July 2024, has become Africa’s largest insurance group. In Ghana, the company’s life business currently ranks fourth on the regulated market with a 10.2% share.
Mr. Tuffour further stated that the company’s purpose is to “empower generations to be financially confident, secure, and prosperous.” He added that research by Standard of Poor’s reveals that about 32% of Ghanaians are financially literate, leaving 68% financially illiterate—a situation that negatively affects financial decision-making and business growth.
He concluded by encouraging participants to apply the knowledge gained from the training to achieve financial independence and long-term economic well-being.
Source: Mybrytfmonline.com/Amuzu Priscilla
