Ghana: GEA, Hollard Introduce ‘Asomdwee’ … to Provide Security for Businesses

The Ghana Enterprises Agency (GEA) and Hollard Ghana, an insurance group, have introduced ‘Asomdwee’, a new product for Micro, Small, Medium -sized Enterprises (MSMEs) in Ghana to provide security for their businesses.

‘Asomdwee’–an Akan language word loosely translated as “peace of mind– covers property, public liability, and life insurance for growing businesses.

It offers three tailor-made insurance packs namely, bronze, silver and gold depending on the size and nature of business with premiums ranging from GH¢360, GH¢910 and GH¢2,310 respectively.

Speaking at the launch in Accra on last Tuesday, the Chief Executive Officer (CEO) of GEA, Mrs KosiYankey-Ayeh, said a major lesson taught by the COVID-19 pandemic was the need to make resilient business by ensuring that they prepare for and secure their future in every way.

She said data had shown that when compared to larger firms, MSMEs suffered the most as a result of scarce resources and till date, coupled with natural disasters especially fire outbreaks in Odawna, Kantamanto, Makola, Kumasi, and Oda which destroyed over 10,000 businesses, resulting in losses of over GH¢150 million.

The GEA CEO said since many businesses were unusually unprepared and lacked the resources to cover those losses, the government usually intervened to help the victims.

The collaboration with Hollard, she said, was relevant as it would sustain businesses with insurance products that allow all businesses irrespective of the size of your wallet, to save and invest in insurance products that will help them prepare for the future.