Abstract:
The study was necessitated by the fact that insurance has been recognized by many researchers
as having effect on economic growth but little has been done in that regard in Ghana. The main
objective of the study is to examine the effect of insurance on economic growth in Ghana using
quarterly data from the first quarter of 2006 to the second quarter of 2018. The study employed
Johansen and Juselius cointegration approach and Vector Error Correction Model (VECM).
Findings revealed that there is a significant and positive both short and long run relationship
between insurance and economic growth in Ghana. There is also a bidirectional causality
between insurance and economic growth. The study recommends that in order to promote
economic growth, attention must be given to the development and implementations of policies
that promote an increase in coverage and access of insurance products in order to increase
premium. The regulatory body, National Insurance Commission (NIC) should reinforce existing
policies such as compulsory motor insurance, compulsory fire insurance for private/ public
buildings, etc. in order to increase premium income.
Description:
A thesis presented to the Department of Economics Education, Faculty of
Social Sciences, submitted to the School of Graduate Studies in partial
fulfilment
of the requirements for the award of the degree of
Master of Philosophy
(Economics)
In the University of Education, Winneba
JULY, 2019
