In an effort to incorporate ideas from stakeholders in the insurance and pension field in its upcoming Master’s in Insurance and Pensions programme, the University of Ghana Business School (UGBS) organised a workshop at the Best Western Premier Hotel. The workshop, which was organised on Wednesday, 7th September 2022 had in attendance faculty and staff from the Business School, as well as several stakeholders from the Insurance and Pensions industry. The event was aimed at discussing the content and curriculum of the programme. Dr. Godfred Amewu, a Senior Lecturer in the Department of Finance, UGBS served as the moderator for the day.
In an introductory remark, Prof. Elikplimi Komla Agbloyor, an Associate Professor in Finance at the Business School, mentioned that the purpose of the stakeholder engagement was to get the inputs and suggestions of stakeholders and the general public, on the upcoming Masters in Insurance and Pensions programme. He stated that most of the time, in the financial market, the focus is often on the banking system or depository institutions. Prof. Agbloyor noted that little attention is paid to the pension and insurance industries, hence the academia and industry workshop to provide a platform for discussions on the insurance and pension industry.
Giving the welcome address on behalf of the Dean of UGBS, Prof. Justice N. Bawole, the Head of Department for Finance, Dr. Emmanuel Sarpong-Kumankoma, mentioned that one of the requirements of the University is that in introducing a new programme, departments must engage other stakeholders, particularly those in industry, to seek their input in the development of relevant curriculum. He indicated that as a department, they decided to introduce the Master's in Insurance and Pensions programme because of the growth of the industry.
Giving a detailed on the programme, Dr. Benjamin Amoah, a Senior Lecturer at the Department of Finance indicated that the proposed programme options are MBA Insurance and Pensions, MSc. Insurance, and MSc. Pensions. Dr. Amoah mentioned that pursuing the programme will offer relevant knowledge and skills in the pensions and insurance industry. Again, the programme, he stated, will provide a fertile ground for the Business School to offer postgraduate research-based programmes (PhD) in pensions and insurance. He added that the programme will provide a network for students and practitioners to share ideas through their course of study. His presentation also covered topics including a situation analysis of the insurance and pension industry and problems that exist that create the need to develop the needed manpower to support the industry, among others.
Speaking at the workshop, Dr. Charles Oduro, Managing Director (MD), Spoton Insurance Brokers, a co-chairperson for the event highlighted the notable progress UGBS has made in the insurance industry in Ghana. According to him, this new programme provides yet another opportunity for the University to contribute much more to the growth of the industry. He indicated that the world is evolving and now in the age of predictive analytics, catastrophic modelling, structured solutions among others. The co-chairperson, therefore, added that new skill sets and backgrounds are needed to meet the changing demands.
Explaining further, Dr. Charles Oduro asserted that there's a manpower, educational and technological gap in the insurance industry. To end his presentation, Dr. Oduro highlighted a few things to be taken into consideration regarding the new programme; that is the insurance academician must be broadly educated and intellectually well-rounded, but not merely proficient in the practice of the profession. He also mentioned that the curriculum should meet the objectives of the University and those of the industry.
Mr. Ernest Amartey-Vondee, Director, Planning, Research, Monitoring & Evaluation, NPRA (National Pensions Regulatory Authority), the second chairperson mentioned that matters that deal with insurance and pensions are so important. He however added that in our part of the world we have so much underrated its importance. Mr. Amartey-Vondee advised that the course be made real, practical, and relevant to the circumstances of the country. He said that this programme would be a huge bonus for the pension industry in Ghana and therefore advised that the marketing of the programme should cover the programme's philosophy, learning outcomes, aims of the programme, admission requirements, and potential employment avenues.
Subsequently, participants were given the floor to give their contributions to the programme, followed by a division into two groups to discuss the content of the programme: one for pensions and the other for insurance.
Interested in watching the stakeholder engagement workshop? Click on this link.
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