Regulators of the financial industry under the current financial sector reforms should step up their supervisory roles to promote confidence in the financial industry, the Commissioner of Insurance, Justice Ofori has said.
Speaking at the 10th Cedant's Awards Night of Ghana Reinsurance Company, in Accra under the theme "The Impact of Standardization and Supervision on the Financial Sector in Ghana," he said there was the need for a strong and independent regulator to regulate activities and maintain a good standard in the financial sector.
"It is important for standardisation and supervision to be ensured to restore confidence and promote effectiveness in the financial sector in the midst of the current reforms," he stated.
That he said would ensure efficient financial system in the country that would meet the needs of the current and future generations.
He also called for collaborations between industry players to ensure that they keep good standard that would provide a very vibrant financial system.
"Various industries are more connected than we think following the happenings in the financial sector and it would be important for them to maintain such collaborations to make the sector stronger," he stated.
The Commissioner of Insurance said efforts must be put in place to ensure that local capacity was utilized to the core in order for local companies to remain relevant.
He commended regulatory entities for their good work and also praised Ghana Re for their efforts in ensuring a robust financial sector.
The Director General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbarmey Tetteh, who was the guest speaker, asked industry players to utilize the competitions in the financial sector positively.
He said competition "creates efficiency and growth" and would require that industry players "keep to an acceptable standard" to ensure they remained in business.
"This would also create a very robust and vibrant capital market required in the midst of the ongoing financial reforms," he stated.
The current financial sector reforms, the Commissioner of Insurance, said would help financial sector but would require regulatory standards to sustain the system.
Managing Director for Ghana Re, Mr George Y. Mensah commended the award winners for their efforts and asked them not to rest on their oars but work hard to sweep more awards next year and also use the awards for the intended purposes.
"Ghana Re remains committed to enhancing and developing the local industry's technical expertise in insurance and related fields hence, management applies significant resources into educational sponsorship and scholarship and would ask that the awards were used for the intended purpose to enhance the quality of personnel in the industry," he stated.
The occasion was used to recognize and reward some companies which made notable contributions within the 2018 financial year towards the growth and profitability of Ghana Re.
The top award on the night went to Activa International Insurance Company after emerging the Cedant of the Year, General Business Cedant of the Year and Life Business went to Met Life Insurance Company Limited.