Speaking on JoyNews’ PM Express on Wednesday, August 13, Mr Kyei-Mensah-Bonsu revealed that none of Ghana’s military helicopters currently has an insurance policy.

He called on the government to insure the fleet, given its expanding role beyond purely military operations.

“The military copters are not insured, but given where we are today and the fact that cities are far between, and apart from ensuring routine servicing, given the fact that they have become regular means of transport for the president, ministers, and so on, the time has come for us to consider perhaps insuring these ones that serve other purposes other than just military purposes,” he said.

He likened the situation to the period before the Accra Sports Stadium disaster, when stadiums in Ghana were not insured.

“Remember that until the tragedy befell the nation at Accra Stadium, the stadia in the country were not insured.

“But then Parliament took a decision and requested the ministry and the football association, the GFA, to start immediately from the next succeeding year to insure our stadia, and ever since, we have been doing that,” he explained.

On the status of the military aircraft, former Defence Minister Dominic Nitiwul clarified that while all four of the Z-9 helicopters are due for maintenance this year, they are not obsolete.

“These aircraft are actually stationed in Takoradi; they’re not stationed in Accra because they are Ghana Gas aircraft. Ghana Gas bought them for pipeline surveillance, and President Mahama commissioned them for the Ghana Air Force to use,” Mr Nitiwul said.

He added that Ghana Gas provides funding for servicing and maintenance whenever needed.

“In fact, those aircraft are due for servicing this year, but they are still allowed to fly. This year, the three that are left will go for servicing. One actually had a problem in 2019 or 2020, en route from Daboya in the north to Tamale.

“It came down just like how this one came down, but they all survived. We left that aircraft because it was badly damaged. So this is not the first time it has happened, but we made sure that we kept all of them in good shape,” he said.

Source: Prince Adu-Owusu

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Imagine the strain of lacking funds during crises, especially when dealing with sudden medical costs.

The burden intensifies when essential financial support is absent in times of urgent need.

Meanwhile, the 2023 Old Mutual Financial Services Monitor report indicates a significant majority of employed Ghanaians lacking insurance coverage, this equates to approximately 9 out of every 10 individuals surveyed.

Gender-wise, 49% of Ghanaian working men and 51% of women face the absence of life insurance.

Life Insurance can be defined as a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.

Findings from the survey revealed that 24% of Ghanaians are yet to fully embrace the concept of insurance, expressing optimism about securing coverage in the future.

An alarming 18% of respondents also did not perceive life insurance as important, potentially due to limited life insurance education among Ghanaian workers.

Moreover, 17% cite the perceived expense of insurance as a deterrent, considering their financial constraints in allocating funds for insurance premiums.

Further concerns highlighted include a lack of awareness about insurance principles, misconceptions about age prerequisites for insurance, and inadequate knowledge about insurance providers in Ghana.

Of all the individuals included in the survey, a notable 73% are employed in the private sector, with only 27% in the public sector. This highlights a substantial proportion of informal sector workers who lack life insurance coverage. This information is visually presented in the graph below.

In comparison with the UN Development Program’s 22 report which highlights that 70% of Ghanaians had life insurance cover during the year 2021, it is evident that the low acceptance rate of life insurance in Ghana has seen a notable surge of 18% between 2021 and 2023, as indicated in the survey.

In stark contrast, a survey by Forbes Advisor on life insurance in the United States underscores that 75% of Americans hold insurance coverage, spotlighting Ghana’s lag in life insurance acceptance rate.

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