Business

IMF bailout: We’ll come out stronger than before – Bawumia assures

Published

2 years ago

July 16, 2022

Majesty

The Vice-President, Dr Mahamudu Bawumia, is optimistic that Ghana will, this time around, emerge stronger after going to the International Monetary Fund (IMF) for support.

Ghana has already begun discussions with the IMF to provide balance-of-payments support as part of a broader effort to quicken Ghana’s build-back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises.

Speaking at the official launch of the Accra Business School’s IT Programmes on Thursday, 14 July 2022, Dr Bawumia said it will take a lot of hard work and difficult decisions for Ghana to bounce back.

“With enhanced fiscal discipline and structural reforms to restore debt sustainability and growth, we should emerge stronger than we have with the previous 17 IMF programs,” he said.

“But it will take hard work and difficult decisions. With great pride and personal pleasure, it is good that we are all part of this launch of three new programmes by the Accra Business School in collaboration with the South East Technical University”.

“It’s a day when the neglect of many decades comes to an eventual end. It’s a beginning to lay the foundations of strengthened institutions to take up the challenges of time with an able and apt workforce. It’s a day when a new beginning is being made by forging a common alliance between the government and academic leaderships to protect, preserve and promote above all, democracy via digitalisation.”

Dr Bawumia stressed that the twin external factors of covid-19 and the war in Ukraine, which he said, has also led many countries to the IMF for support, following the rising cost of living and inability to sustain debt levels, has also exposed the need for Ghana to put in place measures to be more fiscal-discipline.

“The major lesson of the last two years is that we have to be more self-reliant as a country,” Dr Bawumia said.

“It is important that we make decisions that will inure to the benefit of the country regardless of whether we are going to the IMF for a program or not.”

“The immediate task is to restore fiscal and debt sustainability – through revenue and expenditure measures and structural reforms.

Non-concessional borrowing should be curtailed to enhance debt sustainability,” the Vice-President added.

Dr Bawumia also observed that successive governments have failed to achieve long-term economic stability after each of the past 17 IMF programmes due to the lack of systems to ensure sustainable stability, hence the government’s focus on ensuring such systems are put in place.

“I should note that Ghana has gone to the IMF for a program 17 times since independence and after each IMF program, the underlying system and structure of the economy remained the same,” Dr Bawumia said.

“It is important to note that the focus of economic management by successive governments since independence in Ghana has been on crisis management as a result of factors such as the collapse in commodity prices, increase in oil prices, debt unsustainability, political instability, macroeconomic instability, etc. Governments, have by and large, not focused on building systems and institutions that underpin economic activities in a modern economy.”

These modern systems for sustainable economic development, Dr Bawumia said, are: “the systems that will reduce bribery and corruption, the systems that will make the delivery of public services efficient, the systems that will enhance domestic revenue mobilization, and the systems that will make life generally easier for Ghanaians.”

The Vice President noted that since 2017, the government has been focused on building these systems, which include a biometric national identification card, a functioning digital property address system and an aggressive financial inclusion programme, digitisation of government services and many others, which he said, are enhancing services and making access easier, reducing corruption and strengthening domestic revenue mobilisation.

He, therefore, called for a renewed focus on building and strengthening these systems, alongside enhanced fiscal discipline, to ensure sustainable economic recovery after the latest, 17th IMF programme.

Source: Classfmonline.com

Business

Securing Peace of Mind: Exploring High-Risk Homeowners Insurance Coverage Options

Published

9 hours ago

April 25, 2024

Majesty

High-Risk Homeowners Insurance provides critical coverage for homeowners who face increased risks owing to variables such as geography, property attributes, or claim history. High-Risk Homeowners Insurance, with specialised coverage choices for floods, hurricanes, wildfires, and high-value houses, provides peace of mind and financial stability in the face of unpredictability and tragedy. Understanding the necessity of High-Risk Homeowners Insurance and obtaining enough coverage allows homeowners to preserve their investment, defend their property, and negotiate tough insurance landscapes with confidence and peace of mind.

As a homeowner, you want to protect your most valuable asset from unexpected events like natural disasters, theft, and accidents. However, if you live in a high-risk area or have a history of claims, you may struggle to find affordable homeowners insurance. High-risk homeowners insurance coverage options are available to help you safeguard your home and finances. In this article, we’ll delve into the world of high-risk homeowners insurance, exploring what it is, who needs it, and how to find the right coverage for your high-risk home.

Table of Contents

What is High-Risk Homeowners Insurance?

High-risk homeowners insurance is a type of insurance policy designed for homes that pose a higher risk to insurance companies. This may include:

Homes in high-crime areas
Homes in flood zones or areas prone to natural disasters
Homes with a history of claims or damage
Homes with poor maintenance or outdated systems
Homes with high-value items or collections

Who Needs High-Risk Homeowners Insurance?

If you live in a high-risk area or have a home that poses a higher risk to insurance companies, you may need high-risk homeowners insurance. This includes:

Homeowners in coastal areas prone to hurricanes or flooding
Homeowners in wildfire-prone areas
Homeowners with a history of claims or damage
Homeowners with high-value items or collections
Homeowners with poor credit or a high claims history

High-Risk Homeowners Insurance Coverage Options

While traditional insurance companies may deny coverage or charge exorbitant rates, specialized high-risk homeowners insurance providers offer affordable coverage options, including:

Non-standard insurance companies
Surplus lines insurance
Specialty insurance brokers
State-run insurance programs (e.g., FAIR plans)

Tips for Finding High-Risk Homeowners Insurance

Finding the right high-risk homeowners’ insurance coverage requires research and patience. Here are some tips to get you started:

Shop around and compare quotes
Work with a specialized insurance broker
Consider a higher deductible
Bundle policies for discounts
Improve your home’s safety features and maintenance

Conclusion

High-risk homeowners insurance coverage options are available for those who need it most. By understanding what high-risk homeowners insurance is, who needs it, and how to find the right coverage, you can protect your home and finances from unexpected events. Don’t let your high-risk home leave you vulnerable; explore high-risk homeowners insurance options today and secure your peace of mind.

Business

Protecting Your Digital Frontier: The Vital Role of Cyber Liability Insurance for Small Businesses

Published

9 hours ago

April 25, 2024

Majesty

Cyber Liability Insurance is a key risk management tool for small firms functioning in today's digital economy. Cyber Liability Insurance provides small companies with critical financial protection against cyber threats due to its complete coverage, which includes data breach response, cyber extortion protection, business interruption coverage, and liability protection. Understanding the need of Cyber Liability Insurance and obtaining proper coverage may help small businesses protect their assets, reputation, and financial stability in an increasingly complicated and interconnected digital ecosystem.

As a small business owner, you understand the importance of protecting your company from potential risks. In today’s digital age, cyber liability insurance is an essential component of your risk management strategy. Cyber attacks and data breaches can have devastating consequences, including financial loss, reputational damage, and legal liability. In this article, we’ll explore the importance of cyber liability insurance for small businesses and how it can provide peace of mind in the face of ever-evolving cyber threats.

Table of Contents

What is Cyber Liability Insurance?

Cyber liability insurance, also known as cyber insurance or cyber risk insurance, is a type of insurance policy that provides financial protection against cyber-related risks, including:

Data breaches
Cyber attacks
Hacking
Malware and ransomware attacks
Social engineering and phishing scams
System failures and network downtime
Cyber-related lawsuits and legal fees

Why Do Small Businesses Need Cyber Liability Insurance?

Small businesses are often more vulnerable to cyber attacks due to limited resources and budget constraints. Cyber liability insurance is essential for several reasons:

Financial Protection: Cyber attacks can result in significant financial losses, including legal fees, settlements, and reputational damage.
Compliance: Many regulations, such as GDPR and HIPAA, require businesses to have cyber insurance in place.
Customer Trust: Cyber liability insurance demonstrates your commitment to protecting customer data and maintaining their trust.
Business Continuity: Cyber insurance ensures that your business can continue operating in the event of a cyber-attack or data breach.

Benefits of Cyber Liability Insurance

Cyber liability insurance offers numerous benefits, including:

Financial support for legal fees, settlements, and damages
Coverage for notification and credit monitoring costs
Reimbursement for system restoration and data recovery
Protection against reputational damage and crisis management
Access to expert legal and technical support

How to Obtain Cyber Liability Insurance

Obtaining cyber liability insurance is straightforward:

Contact a licensed insurance agent or broker who specializes in cyber insurance.
Provide information about your business, including your industry, size, and current security measures.
Choose a policy that meets your needs and budget.
Pay the premium and maintain coverage to ensure continuous protection.

Conclusion

Cyber liability insurance is a vital protection for small businesses in today’s digital landscape. By understanding the importance of cyber insurance and obtaining the necessary coverage, you can ensure that your business is prepared for potential cyber threats. Don’t leave your digital future to chance; invest in cyber liability insurance today and protect your business from the ever-evolving threat of cyber attacks.

Business

Celebrating Safely: The Importance of Special Event Insurance for Weddings and Parties

Published

9 hours ago

April 25, 2024

Majesty

Special Event Insurance is a necessary investment for anybody organising a wedding, party, or other special event, since it protects against unanticipated disasters, liabilities, and interruptions. With its comprehensive coverage, which includes venue protection, liability coverage, cancellation or postponement coverage, and vendor protection, Special Event Insurance provides hosts with peace of mind and financial security while they commemorate life's significant milestones. By understanding the significance of big Event Insurance and obtaining proper coverage, hosts can guarantee that their big day is a pleasant and worry-free occasion for everyone involved.

Your wedding day or special party is a once-in-a-lifetime celebration, filled with joy, love, and memories to last a lifetime. However, unexpected events can occur, putting your special day at risk. Special event insurance provides financial protection against unforeseen circumstances, ensuring that your celebration goes on without financial devastation. In this article, we’ll explore the importance of special event insurance for weddings and parties, and how it can provide peace of mind for your special day.

Table of Contents

What is Special Event Insurance?

Special event insurance is a type of insurance policy that provides coverage for unexpected events that may impact your wedding or party. This includes cancellations, postponements, or interruptions due to unforeseen circumstances such as:

Venue damage or cancellation
Vendor failure
Inclement Weather
Illness or injury
Travel disruptions
Equipment failure
Liability claims

Why Do You Need Special Event Insurance?

Special event insurance is essential for several reasons:

Financial Protection: Weddings and parties can be costly, and unexpected events can lead to significant financial losses.
Peace of Mind: Special event insurance provides reassurance, allowing you to focus on your celebration without worrying about potential risks.
Vendor Requirements: Some vendors may require special event insurance as a condition of their services.

Benefits of Special Event Insurance

Special event insurance offers numerous benefits, including:

Cancellation or Postponement Coverage
Liability Coverage
Equipment and Property Coverage
Travel Disruption Coverage
Vendor Failure Coverage

How to Obtain Special Event Insurance

Obtaining special event insurance is straightforward:

Contact a licensed insurance agent or broker who specializes in special event insurance.
Provide information about your event, including the date, location, and budget.
Choose a policy that meets your needs and budget.
Pay the premium and maintain coverage to ensure continuous protection.

Conclusion

Special event insurance is a vital protection for weddings and parties, providing financial security and peace of mind. By understanding the importance of special event insurance and obtaining the necessary coverage, you can ensure that your special day goes on without financial devastation. Don’t leave your celebration to chance; invest in special event insurance today and protect your memories for a lifetime.