The governor of the Central Bank of The Gambia has said African insurance renaissance is possible but only if the aspirations of the insurance practitioners are not circumscribed by the old excuses.
Governor Amadou Colley said excuses of the industry’s lacklustre performance such as lack of awareness attributed to illiteracy interfering with sales should be no more.
The governor made these remarks in a statement read on his behalf by the first deputy governor, Basiru Njai, on Monday at the opening of the annual educational conference of the West African Insurance Companies Association (WAICA).
Held at a local hotel in Kololi, the rotational conference was hosted by the Insurance Association of The Gambia, umbrella body of insurance companies in the country.
The conference, on the theme, ‘Africa rising: The indigenisation of insurance in West Africa’, was attended by about 150 insurance practitioners mainly from Ghana, Nigeria, Liberia, Sierra Leone and The Gambia.
Governor Colley said despite progress in so many fronts, Africa’s institutional drivers of long-term growth especially insurance are underdeveloped.