World
The Challenges of Mandatory Insurance in Ghana
By Roger A. Agana
In Ghana, vehicle insurance is a legal requirement to protect road users.
However, the reality of making an insurance claim reveals a system fraught with obstacles, leaving many Ghanaians in dire need of more financial support, a burden that is often too heavy to bear.
The process begins with obtaining a police report, a critical document to initiate any insurance claim.
This report, however, comes at a cost—often an unofficial payment to the police.
These payments, though pervasive, are not officially sanctioned, adding an unfair and unjust financial burden on accident victims, a stark reminder of the system’s inherent unfairness.
Even with collecting premiums from vehicle owners year after year, insurance companies, expected to provide financial support in times of need, are notoriously tricky when paying out claims.
Claimants must provide extensive documentation and often need legal representation to prove their case.
The costs associated with pursuing a claim can be prohibitive, particularly for those who have significant financial resources.
For many, the process is so cumbersome and expensive that they give up, rendering their insurance worthless. This not only undermines the purpose of the insurance but also leaves many Ghanaians in a vulnerable position.
This system disproportionately favours those with financial means who can afford to navigate the complexities of the claim process.
For the average Ghanaian, the mandatory insurance policy feels less like protection and more like a form of legalised extortion, where they are forced to pay for a service that is not readily available when needed.
Critics argue that the system is designed to extract money from citizens without offering them the security that insurance is supposed to provide.
Civil society organisations and public figures have increasingly spoken out against the mandatory insurance policy.
Dr Badu Kweku, Executive Director of the Ghana Institute of Policy and Strategy Analysis, stated, “The current insurance system in Ghana is failing the people it is supposed to protect.
It is time for the government to reconsider the mandatory nature of vehicle insurance and explore alternatives that genuinely serve the public interest.”
The involvement of the police adds another layer of complexity and frustration.
The Ghana Police Service, responsible for enforcing the law, is quick to arrest or fine individuals for not renewing their insurance policies.
Yet, when assisting those same individuals in making a claim, the police often demand unofficial payments.
This dynamic has led to calls for an overhaul of the system, with suggestions ranging from stricter regulation of insurance companies to the complete reevaluation of the mandatory nature of vehicle insurance.
Legal analysts argue that the police should not be involved in insurance matters beyond ensuring essential compliance, as their involvement often incentivises corruption.
Whether insurance should remain mandatory is a topic of growing debate. While the original intent was to protect all road users, implementing this policy has raised concerns about its fairness.
Some experts advocate for reforms to make the process more transparent and accessible. In contrast, others suggest that insurance should be optional, allowing individuals to decide whether to invest in coverage.
Dr Esi Yankah, a prominent economist, questions the efficacy of the current system, stating, “If citizens are forced to pay for a service they cannot access without additional financial strain, then the system is not working.
It may be time to consider making insurance optional, with a focus on consumer education and empowerment.”
The mandatory vehicle insurance system in Ghana is in dire need of reform.
The combination of bureaucratic inefficiencies, such as long waiting times for claim processing, excessive documentation requirements, corruption, and financial burdens, has led to widespread dissatisfaction and mistrust.
A more equitable and transparent system is not just a desire but a necessity that genuinely protects and serves the people’s interests.
Only through comprehensive reform, urgently needed, can insurance in Ghana fulfil its intended purpose of providing security and peace of mind.
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.
