Ghana | UNDP IRFF

Picture of Ghana

Ghana

Main Natural Hazards

Flood, Drought, Fire

^{1 ¹ Source: https://irff.undp.org/sites/default/files/2022-09/summary-country-diagnostic-ghana_0.pdf}

Insurance penetration

1.1% (2021)

^{1 ¹ Source: https://nicgh.org/wp-content/uploads/2023/06/2021-NIC-Annual-Report.pdf}

Number of insurance providers

20 life insurance companies, 28 non-life insurance companies and 3 reinsurers

^{1 ¹ Source: https://nicgh.org/wp-content/uploads/2023/06/2021-NIC-Annual-Report.pdf}

% Workforce engaged in agriculture

40% (2022)

^{1 ¹ Source: https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS}

Multidimensional poverty

24.7% (2017/2018)

^{1 ¹ Source: https://hdr.undp.org/system/files/documents/hdp-document/2023mpireporten.pdf}

% of population covered by inclusive insurance products

19%

^{1 ¹ Source:The Microinsurance Network, Landscape of Microinsurance 2023, Based on target population estimate for Ghana of 20,943,909 people https://microinsurancenetwork.org/resources/the-landscape-of-microinsurance-2023}

Biodiversity ranking

#45 out of 239 countries and territories (2023)

^{1 ¹ Source: https://worldrainforests.com/03highest_biodiversity.htm}

Small business % contribution to workforce

80% of total employment (2023)

^{1 ¹ Source: https://www.gcbbank.com.gh/research-reports/sector-industry-reports/361-sme-sector-in-ghana-2023-v1/file}

Overview

As a lower-middle-income country heavily reliant on agriculture, mining and services, Ghana is highly vulnerable to the effects of climate change. With rapid population growth and increasing urbanization, more people are facing climate-related risks.
UNDP’s Insurance and Risk Finance Facility is ensuring that Ghana can protect its people and incentivize sustainable economic growth by building risk finance capacity, developing sovereign insurance solutions, strengthening regulatory frameworks and creating national financing strategies.

Our work in numbers

4.9

Million projected beneficiaries

Reaching people through insurance and risk finance solutions.

3

Insurance solutions in development

Protecting people, jobs, agriculture and public assets.

3

Institutional and policy processes

Strengthening the enabling environment for insurance to scale.

218

Training programme participants

Building country capacity in insurance and risk finance.

Our projects

Pioneering parametric urban flood insurance and building financial resilience
To meet the threat of flooding in the Greater Accra Metropolitan Area (GAMA), UNDP and partners are pioneering a sub-sovereign parametric insurance product, in collaboration with Ghana’s government and as part of the Tripartite Agreement (TPA) – a public-private partnership between UNDP, 20 of the world’s largest insurers under the framework of the Insurance Development Forum and the German Federal Ministry of Economic Cooperation and Development (BMZ).
UNDP is also partnering with the government to increase institutional capacity on disaster risk finance, improve the enabling environment for insurance, and build resilience through the development of a National Disaster Risk Strategy.
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Increasing actuarial capacity to improve financial risk management
The UNDP Milliman Global Actuarial Initiative (GAIN) aims to help countries predict and prepare for risks by increasing actuarial capacity, enabling better risk modelling and more accurate pricing of insurance and social protection mechanisms. Through GAIN, UNDP is working with Ghana’s government, insurance regulator and industry players on the Non-Life Actuarial Capacity Development Programme, a three-year project launched in February 2023. The programme aims to develop actuarial capacity and resources for non-life insurance companies in Ghana’s insurance market.
GAIN is also partnering with the regulator, industry players, selected universities in Ghana and local actuaries to improve actuarial capacity, mentoring and developing assured life mortality tables.
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Incentivizing the development of new insurance products and services across emerging economies
UNDP’s Insurance Innovation Challenges are powering a new generation of insurance products and services tailored to underserved households and businesses in developing economies.
- Active in 25 countries, with an investment of over US$2.1 million
- Addressing specific barriers and opportunities to scale financial protection, with a particular focus on women, SMEs and other vulnerable groups
- Creating market opportunities for insurance providers and safeguarding development.
Learn More

View of Accra

Latest news

News

UNDP and Government Partners Unveils Strategic Flood Contingency Plan for Greater Accra's Vulnerable

UNDP and Government Partners Unveils Strategic Flood Contingency Plan for Greater Accra's Vulnerable Communities

Blog

Advancing Insurance and Risk Financing to Bridge the Financial Divide in Ghana

Advancing Insurance and Risk Financing to Bridge the Financial Divide in Ghana

News

Press conference

Public-Private Partnership Delivers Innovative Risk Transfer Solution for Urban Flooding in Accra

Latest publications

Factsheet

UNDP-Milliman Global Actuarial Initiative. Programme Fast Facts

This fact sheet describes the UNDP-Milliman Global Actuarial Initiative (GAIN), a programme to enhance the actuarial profession in developing countries.

Factsheet

Tripartite Agreement

This fact sheet describes the Tripartite Agreement, which brings together UNDP, the German Government and the Insurance Development Forum to build the financial resilience of climate vulnerable countries.

Country Diagnostic

Inclusive insurance and risk financing in Ghana. Snapshot and way forward 2022

This diagnostic report describes the inclusive insurance and disaster risk finance landscape in Ghana, highlighting key risks and making recommendations to advance inclusive insurance, risk finance and development.