Ghana Re, a capital increase and a new strategy

Since 2007, Ghana Re has gradually increased its capital which reached 20 million GHS (15.8 million USD) at the end of 2008. This increase is likely to provide a better resource base for the company and to enable it to underwrite more risks, especially in the oil sector. Since 2006, Ghana Re has benefited from a legal cession of 20% over all national business.

The Ghanaian reinsurer depends greatly upon compulsory cessions which account for 60% of its overall premiums. By December 31, 2008, the turnover amounted to 49.22 million GHS (39 million USD), only 6 million GHS of which (4.7 million USD) stem from business underwritten outside the country. The 2008 turnover is increasing by 40% in comparison with the one reported in 2007.