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Standard Chartered fosters career excellence for PWDs through RISE/E mentorship

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Standard Chartered continues to empower persons with disabilities (PWDs) through its flagship Ready for Inclusive Sustainable Employment and Entrepreneurship (RISE/E) programme.

Delivered in partnership with Sightsavers Ghana, the initiative equips young entrepreneurs and job seekers, particularly women and PWDs, with employability skills.

At a session held at the Bank’s headquarters last week, participants received practical training on interview preparation, including dos and don’ts for succeeding in today’s competitive job market.

Breakout sessions followed, allowing participants to engage directly with mentors on their career aspirations and pathways to employment. The programme underscores the Bank’s belief that sustainable inclusion goes beyond technical skills to nurture confidence, resilience, and professional excellence.

This effort builds on Standard Chartered’s broader track record of initiatives aimed at enhancing employability and career readiness for PWDs. Last year, the Bank hosted a two-day Career Fair in partnership with leading organisations, providing more than 60 PWD candidates and 20 entrepreneurs with skills in CV writing, personal branding, interview techniques, and entrepreneurship, while also connecting them with employers committed to inclusive work environments.

The Bank also championed Career Connect workshops through the Ghana Business and Disability Network (GBDN), which it chairs, offering tailored career guidance and placement opportunities. In addition, PWD entrepreneurs have been supported through entrepreneurship fairs that create opportunities to showcase and sell their products.

Standard Chartered’s leadership in disability inclusion has also been recognised on the global stage, with the Bank representing Ghana at the International Labour Organisation’s Global Business and Disability Network Conference in Geneva in 2024, following its election as the inaugural Chair of the Ghana BDN.

The Standard Chartered Foundation has further committed to investing $650,000 in cedi equivalent over three years to scale the growth and impact of this important initiative.

By equipping PWDs with the skills, networks, and confidence to thrive, the Bank is not only advancing workplace inclusion but also shaping a workforce that reflects the diversity and resilience.

Absa ReadytoWork supports informed career decisions for young professionals

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Today’s world of work is evolving. Young people are increasingly redefining what a career looks like, choosing between the security of traditional 9-to-5 roles and the freedom of side hustles that promote creativity, flexibility, and independence.

Recognising this dynamic shift, Absa Bank Ghana, through its flagship ReadytoWork programme, hosted a thought-provoking webinar themed “Side Hustle or 9-to-5”, aimed at helping young professionals make informed career choices.

The interactive session, moderated by Mr Cyril Nai, Head of Internal Communications and Sponsorships at Absa Bank, featured two inspiring speakers: Mr Julian Boakye, Learning and Development Partner at Absa Bank, and Mr Joel Anaman, Career Coach and Founder of Mande AI. The speakers unpacked the mindset, skills, and strategies young people need to succeed, whether in formal employment or entrepreneurial ventures.

Opening the discussion, Mr Boakye emphasised that success in any career path, whether corporate or entrepreneurial, rests on mastering what he called “power skills”—the soft skills that drive professional excellence.

“The top skill young people need today is the ability to connect with strangers professionally,” he noted. “Whether you are convincing an employer to hire you or a customer to buy your product, that ability to connect opens doors,” said Mr Boakye.

He further explained that communication, collaboration, and emotional intelligence remain timeless essentials. However, technical competencies such as data analytics, coding, and generative AI fluency are becoming equally critical for employability. “Balancing these human and technical capabilities keeps professionals relevant and adaptable,” he asserted.

Adding his perspective, Mr Joel Anaman referenced the World Economic Forum’s Future of Jobs Report, which identifies resilience, adaptability, and curiosity as top skills for the next decade.

“Curiosity is key,” said Mr Anaman. “When you feel uncertain, the ability to seek information and learn quickly from others, or via digital tools, gives you the clarity to act. That separates those who grow from those who get stuck.”

Drawing from his personal journey across pharmacy, technology, and entrepreneurship, Mr Anaman encouraged participants to embrace change with confidence. “The future is never guaranteed,” he said. “Your best insurance is personal excellence; being exceptionally good at what you do and building meaningful networks.”

Both speakers urged the youth to be intentional about aligning their education with long-term aspirations and to turn their ideas into sustainable businesses.

The session concluded with an invitation for young participants to join the upcoming Absa–Mastercard Foundation Youth Entrepreneurship Forum on 14 November 2025, which will explore pathways for innovation, collaboration, and access to funding.

According to Priscilla Yeboah, Head of Citizenship at Absa Bank Ghana LTD, “Absa is empowering Africa’s youth through its ReadytoWork programme. Driven by our ‘Financial Inclusion Through Entrepreneurship’ strategy, we aim to create opportunities that enable individuals and communities to thrive.”

ReadytoWork is an educational and skills development programme designed to equip young people with the knowledge and capabilities needed to transition seamlessly from education into the world of work. It offers a range of online learning modules covering essential areas such as work skills, people skills, money skills, entrepreneurship, and creative thinking.

Beyond the fundamentals, ReadytoWork also provides advanced training in emerging and high-demand fields, including digital literacy, blockchain technologies, the gig economy, project management, and computational thinking.

Through initiatives like ReadytoWork, Absa continues to reaffirm its commitment to empowering Africa’s tomorrow together, one story at a time.

Standard Chartered fosters career excellence for PWDs through RISE/E mentorship and training

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Standard Chartered continues to empower persons with disabilities (PWDs) through its flagship Ready for Inclusive Sustainable Employment and Entrepreneurship (RISE/E) programme. Delivered in partnership with Sightsavers Ghana, the initiative equips young entrepreneurs and job seekers, particularly women and PWDs, with employability skills.

At a session held at the Bank’s headquarters last week, participants received practical training on interview preparation, including dos and don’ts for succeeding in today’s competitive job market. Breakout sessions followed, allowing participants to engage directly with mentors on their career aspirations and pathways to employment. The programme underscores the Bank’s belief that sustainable inclusion goes beyond technical skills to nurture confidence, resilience, and professional excellence.

This effort builds on Standard Chartered’s broader track record of initiatives aimed at enhancing employability and career readiness for PWDs. Last year, the Bank hosted a two-day Career Fair in partnership with leading organisations, providing more than 60 PWD candidates and 20 entrepreneurs with skills in CV writing, personal branding, interview techniques, and entrepreneurship, while also connecting them with employers committed to inclusive work environments.

The Bank also championed Career Connect workshops through the Ghana Business and Disability Network (GBDN), which it chairs, offering tailored career guidance and placement opportunities. In addition, PWD entrepreneurs have been supported through entrepreneurship fairs that create opportunities to showcase and sell their products.

Standard Chartered’s leadership in disability inclusion has also been recognised on the global stage, with the Bank representing Ghana at the International Labour Organisation’s Global Business and Disability Network Conference in Geneva in 2024, following its election as the inaugural Chair of the Ghana BDN.

The Standard Chartered Foundation has further committed to investing $650,000 in cedi equivalent over three years to scale the growth and impact of this important initiative.

By equipping PWDs with the skills, networks, and confidence to thrive, the Bank is not only advancing workplace inclusion but also shaping a workforce that reflects the diversity and resilience.

IndiaFest 2025 celebrates deepening Ghana-India bonds 

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By Kingsley Webora TANKEH

The Minister for Tourism, Culture and Creative Arts, Abla Dzifa Gomashie, has outlined an ambitious vision for cross-cultural collaboration – suggesting the creation of a uniquely Ghanaian form of yoga.

Speaking at IndiaFest, organised by the Indian High Commission in Accra, the minister recounted trying yoga herself at the Indian High Commissioner’s invitation and confirmed her ministry will “be pushing the frontiers of yoga” by advocating for its adoption into Ghanaian traditional dances.

“It is possible for us to integrate yoga movements with some of our traditional movements,” Mrs .Gomashie declared. “That way, we are bridging the gap even more. It is possible for us to have yoga movements that are authentically Ghanaian but give the same results for our people.”

The proposal was met with applause from a captivated audience that filled Accra stadium. This symbolises deepening ties between the two nations, moving beyond diplomacy into the realms of culture, wellness and daily life.

The event, now in its second year, is not just a festival with rhythmic beats of Bollywood music and the vibrant hues of traditional saris but serve also a powerful testament to a decades-old friendship and active Indian community in Ghana.

Both speakers alluded to the renewed momentum in Ghana-India relations, fuelled by the historic visit of Indian Prime Minister Narendra Modi in July which elevated relations between the two Non-Aligned nations to comprehensive partnership. status

Mrs. Gomashie, who was present at that visit, reminded the audience of the partnership’s deep historical roots. “India was part of leading countries to create a representative office in the Gold Coast in 1953,” she stated, highlighting the personal bond between Ghana’s first President, Dr. Kwame Nkrumah and India’s first Prime Minister Jawaharlal Nehru, co-founders of the Non-Aligned Movement.

“Just recently, I sat right there listening to Prime Minister Modi as a Member of Parliament,” she recalled, noting one of the four memoranda of understanding signed was a cultural exchange programme.

“Such exchanges will undoubtedly strengthen our friendship and create opportunities for cooperation,” she noted.

The Indian High Commissioner to Ghana, Manish Gupta, echoed similar sentiments, calling the festival a “celebration of the values we together cherish” and a “spotlight on the vibrant India-Ghana bilateral ties”. He noted that the festival “gives a glimpse of a mini India”.

However, he thanked the minister, noting her background as an artist and actor being crucial for deepening cultural relations between the two countries. “A person like you gives such great importance in promoting the cultural values, building cultural bridges,” Mr. Gupta said.

She noted that the impact of Indian culture on Ghana is already palpable and growing. Mrs. Gomashie pointed to the widespread popularity of Bollywood films and historical dramas, which have influenced Ghanaian fashion, textiles and culinary traditions.

She praised the Indian community for creating employment and skills-training opportunities for Ghanaian youth and thanked the Indian government for annually sponsoring Ghanaian creatives for training programmes in India.

As the festival coincided with the Indian Festival of Lights, Diwali, Mr. Gupta extended warm greetings to the audience, hoping the lights will “illuminate our lives”.

The occurrence of fires: Causes and suggested solutions

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By Ing. Gideon Etornam AMENUVEVE

The occurrence of fire at homes and markets are not new in Ghana and elsewhere, but the frequency and the impart raises a serious concern.

The causes of these fires are not far-fetched. It is a common knowledge to any safety student or professional, that fire can be prevented from separating the components in the fire triangle namely a combustible material, source of heat and oxygen in sufficient quantities.

Let’s interrogate some of the causes of these fires:

  1. Setting fire at inappropriate places with presence of combustible materials
    2.      Illegal electrical connections
    3.      The use of inferior cables and extension cords and overloading of the extension cords
    4.      Use of deteriorated gas cylinders and worn out hoses or leads
    5.      Not switching off gargets not in used when no one is present
    6.      The use of candles and coils not placed in the right receptacles
    7.      Smoking at inappropriate places and improper disposal of cigarette butts

    Fire precaution (premises) regulation, 2003, L.I 1724, stipulates or requires, factories and public premises to have fire detection and firefighting equipment’s.

The amended regulation L.I 2249 further requires all private homes to have the fire detection and firefighting equipment’s i.e. Smoke detectors, fire alarms, and fire extinguishers and may be to add fire blankets. Whilst, the factories and offices and public places have these equipment, most homes as of now do not have these fire detections and fighting gargets.

The above deficiencies were to be cured by the introduction of the Dwumdza Project, which was being introduced by the fire service or I think the ministry of interior during the previous government of president Mahama of which I was one of the participants in the interview conducted by Acreaty for the position of the MD, but, the project was halted or stalled due to the change in government.

Although, I do not think, the state should go ahead to supply all private homes as it was in the case of the Dwumdza Project, I think with education and sensitization, all homes must be entreated to have these equipment’s, since, fires are best fought at the incipient stage and these gargets would go a long way to detect and prevent fires, even when they start can be controlled and quenched at the incipient stage.

Fire Service’s respond to fires is most often slow due to their proximity and lack of accessible roads to the fire scenes. But what I suggest is the creation of much awareness and education, starting from the primary schools to the tertiary levels, since ignorance, it is said kills faster than any known disease.

National service personnel can be provided with basic fire training and deployed in various markets as part of their service and could be absorbed in the Ghana National Fire Service as and when vacancies come up in the service.

The writer is a Chartered safety professional (CMIOSH), Lead Risk Manager and Professional Engineer (PE-GhIE). [email protected]

How Trump could win over the developing world

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Copyright: Project Syndicate, 2025. www.project-syndicate.org

By Vera SONGWE

US President Donald Trump’s administration has just offered a gift to finance ministers from developing countries. By proposing a $20 billion currency swap line for Argentina, it has implicitly aligned itself with those arguing for a new issuance of special drawing rights (SDRs), the International Monetary Fund’s reserve asset.

Of course, many ministers, busy discussing their tight fiscal frameworks with the IMF, may have missed this. Fortunately, the gift is still on the table. The IMF and developing countries should endorse the US Treasury’s offer to Argentina but also ask for a global issuance of new SDRs.

By taking up this idea, the United States could achieve a major strategic victory, even though Trump’s reasons for offering help to Argentina are primarily to support an important country for the US and strengthen ties with an ally, President Javier Milei.

Five years after the COVID-19 pandemic began, and four years since the last such issuance, developing countries have drawn down most of their SDRs. By January 2023, more than 23 low-income and 21 middle-income countries had used their entire 2021 allocation. In Africa, 19 countries were so desperate for liquidity that they drew down more than 100% of their allocations.

The benefits of SDR allocations cannot be overstated. Though small and uneven, the 2021 issuance helped countries procure COVID-19 vaccines, provide relief to businesses, launch safety-net programs to sustain lives and livelihoods, and mobilize investments in new vaccine manufacturing capacity. In many cases, these measures helped avert deeper social crises and unrest.

But while the 2021 allocation helped countries steady the bridge, it was not large enough to help them cross it. Of the $650 billion – the largest allocation in the IMF’s history – Africa received about $33 billion, and Argentina $3.1 billion.

In neither case was the sum large enough. Argentina was able to meet its debt obligations to the IMF, using 100% of its SDR allocations to pay the IMF, but it still faced massive debt-service payments.

Now, the US Treasury is proposing a swap nearly six times larger than the 2021 allocation. Support on such a scale would provide meaningful relief, and if combined with a robust package of policy reforms, it could help Argentina break its long-running cycle of unsuccessful IMF bailout programs.

A similarly proportionate allocation to Africa – over $200 billion – could allow many countries to start tackling inflation, improve infrastructure, and keep up in the AI race. Moreover, some would be able to invest in ascending the value chain in the critical-minerals sector, which would redound to America’s benefit.

And all African countries could come together to support regional institutions, strengthening their balance sheets and allowing for greater leverage in investments (consistent with the Hybrid Capital proposal from the African Development Bank and the Inter-American Development Bank).

In any case, Africa, Argentina, and many developing economies around the world need additional resources to manage the liquidity crunch stemming from increased fiscal stress, mounting global imbalances, the high costs of capital, and the massive subsidies offered by the developed world to attract and keep capital.

A new SDR issuance under a US-led G20 would showcase American leadership on an issue that has frustrated others who have tried to address it. Moreover, with G7 members increasingly struggling to manage their own fiscal stress, it would alleviate the need for them to make transfers to developing countries. In the US, Japan, France, Italy, and the United Kingdom, interest payments alone now represent 3% of GDP (see Table 1 below).

According to the IMF, Japan’s debt-service cost at current rates is expected to exceed $180 billion in 2025 – more than ten times its development aid budget.

One of the many advantages of SDRs is that they are non-debt-creating reserve assets until monetized; and even then, the cost of conversion is still lower than borrowing at concessional rates. This makes SDRs a commonsense way to provide low-cost capital to all lower-middle-income and middle-income countries.

Rather than provide a swap line – where US taxpayers are essentially sending money to Argentina – the US could provide broad-based support to many countries under one framework.

It could still withhold allocations from the handful of countries that it may not want to support, and it would avoid the risk of lending to a party that may default (as in Argentina’s case). In fact, by shoring up other economies, the US would still be supporting Argentina, given Argentina’s reliance on exports.

The US still holds a unique leadership role in the world. It could use its power not only to roll out a global safety net at a time when one is urgently needed, but also to ensure that the next allocation is large enough to give countries the liquidity they need to invest in growth and jobs, reduce migration, and escape from debt distress.

The Trump administration’s proposed Argentina swap line could be a step in the right direction. But there is a better way. The US could spare taxpayers from lending money to other countries, while still providing those countries with support. Doing so would deliver a major strategic and economic victory, giving the US a big win at the very start of its G20 presidency.

Vera Songwe, a nonresident senior fellow at the Brookings Institution, is Founder and Chair of the Liquidity and Sustainability Facility and Co-Chair of the Expert Review on Debt, Nature, and Climate.

Green finance and the investor: Building wealth sustainably

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By Ezekiel Adu MENSAH

Across the globe, the financial world is undergoing a quiet revolution, one that blends profit with purpose. Investors are no longer asking only, “What’s my return?” but also “What’s my impact?” This shift is the essence of green finance, the practice of channeling funds toward projects that support environmental sustainability while generating financial returns.

In Ghana, where the twin challenges of climate change and unemployment weigh heavily, green finance offers a new pathway to sustainable wealth creation. It empowers individuals, businesses, and financial institutions to align their financial goals with the nation’s environmental and social development agenda.

But here’s the truth, the green finance movement will not reach its full potential without a financially literate population. Financial literacy is the bridge that connects awareness with action. It enables citizens and SMEs to understand, evaluate, and invest in green opportunities confidently and responsibly.

Understanding Green Finance: Beyond the Buzzword

Green finance goes beyond planting trees or funding eco-projects. It encompasses all financial activities – savings, investments, loans, and insurance, that promote environmental sustainability.

For instance:

  • A bank offering lower interest loans for solar installations or energy-efficient equipment.
  • A mutual fund investing in renewable energy companies.
  • A pension scheme allocating part of its assets into sustainability-focused bonds.

These instruments not only help reduce carbon emissions but also present stable, long-term financial opportunities.

Ghana has already begun moving in this direction. The Ghana Green Finance Strategy and the Securities and Exchange Commission’s (SEC) Sustainable Finance Guidelines are guiding institutions toward responsible and ESG-aligned financing. However, the next big step is public participation, helping everyday Ghanaians understand and engage with these opportunities.

Financial Literacy: The missing link

Financial literacy is more than knowing how to save or budget; it’s about making informed, responsible, and forward-looking financial decisions. When applied to green finance, it means understanding how sustainable projects can deliver both financial and environmental returns.

Unfortunately, many individuals and SMEs in Ghana still view green initiatives as “extra costs” rather than strategic investments. For example:

  • A small business may hesitate to adopt solar energy because of the initial cost, without realizing that energy savings over time improve profitability.
  • A young investor might avoid ESG-focused investment products simply because they seem complex or unfamiliar.

Here’s where financial education and awareness can make a real difference. Programs that teach citizens about green loans, carbon credits, green bonds, and sustainable business models can unlock billions in new investments — particularly from Ghana’s dynamic youth and entrepreneurial sector.

The SME Opportunity: Profit with Purpose

Small and Medium Enterprises (SMEs) remain the heartbeat of Ghana’s economy, contributing over 70% of GDP and employing millions. Yet, they are among the most vulnerable to climate shocks — from erratic rainfall affecting agribusinesses to rising electricity costs burdening manufacturers.

By adopting green business practices, SMEs can turn these risks into opportunities.
Practical examples include:

  • Agribusinesses investing in solar-powered irrigation systems.
  • Manufacturers implementing waste recycling and energy efficiency programs.
  • Hospitality and tourism firms promoting eco-friendly operations to attract environmentally conscious tourists.

Financial institutions, in turn, can design green loan products or ESG-linked credit facilities to support such transitions. A few Ghanaian banks have already introduced renewable energy financing schemes — but the real impact will come when SMEs are financially literate enough to access and manage these funds effectively.

Individual Investors and Green Opportunities

For the individual Ghanaian investor, the landscape of green finance is also expanding. Sustainable investment vehicles such as:

  • Green bonds (which fund renewable or environmental projects),
  • ESG mutual funds, and
  • Impact investment opportunities in clean energy startups, are gradually gaining traction.

By participating in these options, the average investor can help accelerate Ghana’s transition to a low-carbon economy while building long-term wealth.

Financially literate investors understand the principle of “profit with purpose”,  that earning a return doesn’t have to come at the expense of the planet. In fact, many global studies show that ESG-focused investments are less risky and more resilient during economic downturns.

Government and Institutional Role

For green finance to thrive, government agencies, regulators, and financial institutions must collaborate to promote green financial literacy.

Some practical steps include:

  • Embedding ESG education into national financial literacy programs.
  • Introducing tax incentives for individuals and SMEs investing in renewable energy.
  • Encouraging pension funds and capital markets to create green investment products for the public.
  • Supporting data transparency, so investors can easily track the impact of their investments.

Moreover, local universities and business schools should integrate sustainability finance courses into their curriculum, preparing the next generation of professionals to drive this agenda.

The Road Ahead: A Shared Responsibility

Ghana’s journey toward a green and sustainable financial ecosystem requires collective effort from policymakers to financial institutions, educators, and individual citizens.

The transition won’t happen overnight, but every decision, every cedi invested, every policy implemented, and every person educated, contributes to a cleaner, wealthier, and more resilient Ghana.

In the words of an African proverb:

“The best time to plant a tree was 20 years ago. The second-best time is now.”

It’s time we plant our financial decisions in the fertile soil of sustainability, to grow wealth that benefits not just ourselves, but generations to come.

Conclusion: Earning Returns While Saving the Planet

Green finance is not a trend; it is the future of wealth creation. For Ghanaians, it presents a golden opportunity to align personal prosperity with national progress. Through deliberate financial literacy efforts, individuals and businesses can begin to see that sustainability and profitability are not opposites — they are partners in building a thriving, equitable, and environmentally responsible economy.

As we move forward, let us remember:

The real wealth of a nation lies not only in its natural resources but in the financial wisdom of its people.

Ezekiel Adu Mensah is a Chartered Accountant and finance professional with over a decade of experience in accounting, taxation, and business management. Passionate about financial literacy and economic empowerment.

 Email: [email protected] 

Linkedin/Ezekiel Adu Mensah Contact +233544520178

Blacksheep Foundation brings potable water and hope to Djamam Community

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In a heartwarming act of compassion and community development, the Blacksheep Foundation has provided potable water to the residents of Djamam, a small village in the Upper Manya Krobo District.

For years, the people of Djamam endured the daily struggle of walking long distances to fetch water from neighbouring communities. The situation was especially dire for the local clinic, which serves the entire area but often faced severe water shortages that affected its operations.

Thanks to the intervention of the Blacksheep Foundation, led by its CEO, Dela Seade, the community now has access to clean and safe water; a resource many had begun to lose hope of ever having close to home.

Speaking at the commissioning ceremony, Ms. Seade expressed her joy at seeing the project come to fruition.

“We are happy to finally bring clean water to the people of Djamam. Access to potable water is not a luxury; it’s a basic necessity. Our Foundation is committed to touching lives, and this is only the beginning,” she said.

In addition to the water project, the Foundation also distributed thrift clothing to residents, ensuring that families received essential items to improve their well-being.

The initiative forms part of Blacksheep Foundation’s broader mission to support and empower vulnerable communities across Ghana. According to Ms. Seade, this project marks the start of a long-term commitment to reach more communities facing similar challenges.

“Our goal is to extend this initiative to other deprived areas. We believe development starts with dignity and that begins with access to water, education, and opportunity,” she added.

The Blacksheep Foundation is guided by a powerful mission and vision centered on empowering children and communities who have faced a slow start in life. The organisation provides holistic support through academic tutoring, personal development programs, and mental health resources.

Its vision is to create a world where every child regardless of background is equipped to grow, learn, and contribute meaningfully to society. Through inclusivity, resilience-building, and advocacy, Blacksheep continues to inspire transformation and hope.

As the residents of Djamam gathered around their new water source, the joy and relief were evident. For them, this was not just a project it was a new beginning.

“Today, we don’t have to walk miles for water anymore. We thank the Blacksheep Foundation for remembering us,” said a grateful resident.

With projects like this, the Blacksheep Foundation is proving that lasting change often begins with small, heartfelt acts of service one community at a time.

Economic importance of Bonus Malus System with high bonus hunger effect: The Insurer and the Insured Perspective

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By Jacob AZAARE (PhD)

An experienced based ratemaking in auto insurance, Bonus Malus System (BMS), was introduced as an alternative to individual credibility model developed by Bühlmann in 1967. It was popularized by Lemaire as the best alternative for individual credibility models since they were not easy to use in practice (2).

BMS also known as penalty-reward system (3), is basically employed in the insurance industry to improve fairness by charging each individual insured/policyholder a premium proportional to his or her representative risk (4, 5).

This system of insurance pricing is used to penalize policyholders by either charging higher or reduced insurance premium based on their post data (6). Furthermore, insurers adapt BMS to signal policyholders to be careful on the road and also, ensures that policyholders who are cautious are compensated with rewards and those who are reckless are penalized.

Thus, Bonus are given to cautious drivers and Malus are issued out to policyholders who are reckless on the road (4, 7). Moreover BMS seeks to improve safety and fairness between the insurer and the insured based on claims history (6, 8).

In developed countries, BMS encourages safety on the road for policyholders as they get to understand that their future premiums depend on the number of claims they report. Further, it enhances customer retention in the various insurance policies as policyholders see it as fair and transparent (8).

In developing countries like Ghana, BMS could potentially be an effective pricing strategy, as it incentivizes customer enrollment by making premiums directly dependent on the frequency and severity of their claims (9).

Strategically, BMS reduces the reporting of false and minor claims (10), because the insured understands that frequent minor accidents lead to a proportional increase in their premium. Thus, BMS ensures a seamless transition of policyholders from one premium level to another based on the number of reported claims (7, 12).

Generally, BMS seeks to reward bonus to policyholders who are cautious by reducing their premiums while penalizing those who are reckless with malus by increasing their premiums (4). This consequently leads to the High Bonus Hunger Effect (HBHE), where policyholders tend not to report minor claims to minimize cost. Thus, policyholders decide not to report minor claims and self-insure claims to enjoy lesser premium cost (bonus) (11).

As (13) posits, Bonus Hunger Effect also known as “Thirst for Bonus”, is about linking the cost of pending claims to the cost of future premium. Implying that, policyholders in effect, bear the cost of minor claims to avoid higher premiums and so will not report claims if the amount is less than the future premium 14).

Economically, BMS has a significant influence on the finances of insurers, insureds and the economy at large.

The BMS With higher Hunger Effect is a determinant of the volume of financial flows between the insured and the insurer, as it directly influences how much premium to be paid and how much claims to be paid.

To insurers, HBHE reduces the administrative cost in processing and paying minor claims and increases short-term profits because there are no or few claims to pay (12, 16). Contrary, HBHE saves policyholders from paying higher premium and sends signal of caution to improve safety on the roads in order to maintain their bonuses on premium charges (11).

Also, it makes insurers more financially solvent; however, it might be quite challenging to determine the exact risk level of policyholders, which is likely to result in an underestimation of premium. The effect of this phenomenon is on both the insurers and the insureds, as they have an interdependent relationship; that is, the outcome from either directly influences the other (7, 12, 13).

When minor claims are not reported, an insurer’s short-term profit increases, while the insured’s trade-off is a lower premium or bonuses. However, insurers might adjust future premiums which could lead to inappropriate pricing (16). Moreover, changes in the driving behaviors of the insured influences how insurance is priced and the profits insurers make (8).

In Ghana, like in most developing countries, the auto insurance pricing system relies solely on risk factors, which have little or no direct effect on cautioning policyholders to drive more safely (18). The insurance premiums are determined by classical factors such as the vehicle’s age, cubic capacity, nature/type, and usage, along with the driver’s age, gender etc., (16, 17). These parameters used in determining premium do not give any inference as to how careful policyholders are on the road.

Moreover, these traditional risk factors do not take into consideration the claims history of individual policyholders and thus, they are neither rewarded for being cautious nor punished for being reckless in traffic (17).

As postulated by (3,12), BMS reduces the financial burden on insurers by lowering the cost of claims processing, as fewer claims are reported when BMS particularly the one with higher hunger effect is employed. Additionally, insurers retain funds that should be used for claims payment and use them for other investment activities and transactions, increasing their financial stability (15).

In summary, with innovation and more equitable methods, the dynamics of auto insurance ratemaking are constantly evolving and hence, Ghana like other developing countries needs to embrace BMS in order to fully maximize its ability of making insurance policies optimal, increase transparency, reducing false and fake claims and the possibilities of encouraging safe driving (1, 12).

More also, when insureds are being cautious, the administrative costs for insurers are reduced, which also helps reduce the number of traffic accidents (11, 16, 17). Consequently, this increases the workforce as insurers’ capacity to expand operations is enhanced due to their enhanced financial solvency, resulting from reduced administrative costs and claims payments, thereby significantly contributing to the growth of the economy.

References:

  1. Virri, M. (2021). Elasticity as a Means of Evaluating Bonus-Malus Systems in Automobile Insurance.
  2. Boucher, J. P. (2023). Bonus-malus scale models: Creating artificial past claims history. Annals of Actuarial Science, 17(1), 36-62.
  3. Henseler, M. (2024). Welfare Implications of Quality-Enhancing Bonus-Malus Systems in regulated Network Industries. Available at SSRN 4758328.
  4. Azaare, J., & Zhao, W.(2020). An alternative pricing system through Bayesian Estimates and Method of Moments in a Bonus-Malus framework for the Ghanaian Auto Insurance market. Journal of Risk and Financial Management, 13(7):143.
  5. Chalkias, K., Jarzabkowski, P., Kavas, M., & Krull, E. (2025). That’s not fair! Navigating the duality of fairness in insurance. The British Journal of Sociology.
  6. Alyafie, A., Constantinescu, C., & Yslas, J. (2025). Evaluating Transition Rules for Enhancing Fairness in Bonus–Malus Systems: An Application to the Saudi Arabian Auto Insurance Market. Risks, 13(1), 18.
  7. Baharad, R. (2025). Essays on the Economic Analysis of Liability Insurance.
  8. Alyafie, A., Constantinescu, C., & Yslas, J. (2023, May). An analysis of the current Saudi Arabian no-claim discount system and its adaptability for novice women drivers. In CAS E-Forum.
  9. Tolvanen, J. (2022). Measuring moral hazard using insurance panel data. SSRN.
  10. Lazam, N. M. (2021). Demonstrating Bonus Malus System (BMS) with Fair Deductibles Amount and Control Mechanism of Claim Amount and Frequency on Medical and Health Insurance Portfolio. Applied Mathematics and Computational Intelligence (AMCI), 10, 237-251.
  11. Molk, P. (2024). Barriers to Insurance Innovation. University of Florida Levin College of Law Research Paper Forthcoming, Yale Journal on Regulation, forthcoming.
  12. Ieosanurak, W., Khomkham, B., & Moumeesri, A. (2023). Claim modeling and insurance premium pricing under a bonus-malus system in motor insurance. International Journal of Applied Mathematics and Computer Science, 33(4).
  13. Khaliludin, N. I. A., Nor, S. R. M., & Juhan, N. (2024, January). The effect of bonus hunger on automobile insurance. In AIP Conference Proceedings (Vol. 3016, No. 1, p. 070008). AIP Publishing LLC
  14. Shouri, S., De la Sen, M., & Gordji, M. E. (2025). Designing a Smart Health Insurance Pricing System: Integrating XGBoost and Repeated Nash Equilibrium in a Sustainable, Data-Driven Framework. Information, 16(9), 733.
  15. Avraham, R., & Porat, A. (2023). The dark side of insurance. Review of Law & Economics, 19(1), 13-45.
  16. Medders, L. A., Parson, J. A., & Thomas-Reid, M. (2021). Gender X and Auto Insurance: Is Gender Rating Unfairly Discriminatory?. Journal of Insurance Regulation, 40(7).
  17. Krippner, G. R., & Hirschman, D. (2022). The person of the category: The pricing of risk and the politics of classification in insurance and credit. Theory and Society, 51(5), 685-727.
  18. Azaare, J., Zhao, W., and Ahia, B. N. K. (2022). Exploring the Effects of Classical Insurance Rating Variables on Premium Auto in ARDL: Is the high Policyholder’s Premium in Ghana Justified? SAGE Open, 12(4). https://doi.org/10.1177/21582440221134219.

Author:                                                   

Jacob Azaare (PhD), Management Science and Engineering,

Senior Lecturer, Department of Business Computing, School of Computing and Information Sciences, C. K. Tedam University of Technology and Applied Science, Navrongo             

-short biographical statement:

Jacob Azaare holds a PhD in Management Science and Engineering, as well as a Master’s in Management Science and Engineering, both from the University of Electronic Science and Technology of China. Jacob has a strong background in teaching and has a multidisciplinary research interests, including Financial Modelling and Insurance, Data Analytics, Financial Risk Management, Digital Marketing and E-governance.

World Teachers’ Day 2025: 15,079 teachers from 139 countries join global British Council TeachingEnglish celebration

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The British Council’s TeachingEnglish programme has marked another milestone in global teacher engagement, welcoming 15,079 English language teaching professionals from across the world to its three-day online conference, celebrating World Teachers Day 2025. The conference garnered 4,498 attendees via Zoom and was also streamed on Facebook and YouTube, garnering 10,581 attendees.

Held from 9–11 October, this year’s event — themed “Global Voices, Future Focus” — brought together teachers, trainers, and teacher educators from 139 countries to share practical insights, innovative classroom approaches, and new perspectives on the future of English language teaching.

Record-breaking participation

Across the three days, live sessions attracted teachers seeking to enhance their professional practice:

“We are thrilled by the enthusiasm and commitment of English teachers from around the world,” said Michael Connolly, Director English and School Education, British Council.

“This year’s event demonstrates the global appetite for accessible, high-quality professional development, and the power of teachers learning from teachers.”

Led by teachers, for teachers

All sessions were led by experienced English language teachers and teacher educators, ensuring the content was relevant, practical, and grounded in classroom reality. Over three days, participants explored key themes including:

  • Professional growth in the digital age – reflection, AI, and storytelling in the classroom.
  • Multilingualism and 21st-century skills – inclusive practices and design thinking.
  • Sustainability and global citizenship – integrating climate action and problem-solving into English teaching.

Through plenaries, panels, and interactive workshops, teachers exchanged experiences, built professional networks, and discovered innovative strategies to bring back to their learners.

Empowering ‘Continuing Professional Development (CPD)’

The conference reinforced the British Council’s commitment to supporting teachers’ CPD — equipping them with the knowledge, confidence, and community connections needed to thrive in rapidly evolving educational contexts.

“TeachingEnglish continues to be a vital platform for teacher collaboration and lifelong learning,” added Alison Devine, Head of TeachingEnglish, British Council. “This success shows that when teachers connect globally, everyone benefits — especially learners.”

About TeachingEnglish

The British Council’s TeachingEnglish programme provides free resources, training, and professional development opportunities for English language teachers worldwide. Through events like World Teachers’ Day, it celebrates the creativity, resilience, and global impact of educators who shape the next generation of learners.

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