By Favour Nnabugwu
The Ghana Reinsurance Company has established its presence in Casablanca, Morocco to serve the African Northern Market.
The new office comes in line with the expansion strategy of the Ghanaian reinsurer in North Africa.
Created in 1972, Ghana Re operates also in Kenya and Cameroon through regional structures. In 2020, the company achieved a 23% turnover increase to 311.56 million GHC (52.968 million USD).
Board Chairman of the company George Otoo had late last year revealed this after a short ceremony of swearing in the newly reconstituted board of the Ghana Reinsurance Company.
With the aim of helping to strengthen the financial sector and mobilizing funds for economic growth, Mr. George Otoo stated that the company is finally ready to strengthen its operations across the continent of Africa.
He said plans are underway to enter the North African Market.
“Work is currently in progress to open a third office in Casablanca, Morocco to serve the northern African regional block” he said.
Ghana Re, has established regional office in Cameroon to cater for the central African Zone and it’s a 100% subsidiary of Re Ghana in Kenya to serve the East African Market, he added.
Concluding on behalf of the board, he pledged to continue to guide management through effective supervision and direction to enhance shareholder values and meet the interest of all relevant stakeholders.
The Deputy finance Minister, John kumah on his part, charged the newly reconstituted board to use the African Continental Free Trade agreement as a tool to expand its frontiers.
He also urged the board to embark on expansionary drive into targeted market in Africa to grow its premium income especially in the face of AFCFTA.
Ghana Re is a “home-grown” successful reinsurance company in Ghana with over 48 years’ experience in reinsurance business with a proven track record of providing world-class reinsurance services to local and international markets.