The President of the Actuarial Society of Ghana (ASG), Kofi Ntim, has called for the strengthening of actuarial systems through data-driven decision-making to enhance resilience in Ghana’s financial services sector.
Speaking at the opening of the ASG Actuaries Connect Conference 2025 today in Accra, he said the actuarial profession is entering “an exciting new chapter of growth, visibility and collaboration” as it takes a central role in safeguarding the country’s financial stability.
“This conference is where data meets decision, and where technical excellence meets national purpose,” Mr Ntim said. “Behind every resilient industry, there is an actuary quietly ensuring that promises made to policyholders, pension contributors and financial service customers can be kept even in difficult times.”
Held under the theme “Strengthening Actuarial Foundation for a Resilient Financial Service Industry,” the two-day conference gathered regulators, actuaries, insurance executives and financial experts at the Ghana Shippers’ House to explore strategies for improving risk management and innovation in the insurance and pensions sectors.
Mr Ntim announced the development of Ghana’s first locally designed Assured Life Mortality Table—a milestone that, he said, would deepen confidence and accuracy in insurance pricing and risk assessment. He also revealed that the ASG has initiated a comprehensive strategic plan to advance education and professional standards, including the introduction of a Professional Diploma in Actuarial Techniques next year, and the accreditation of three local universities to grant exam exemptions under global actuarial frameworks.
“In 2026, we will introduce Actuarial Standards of Practice to harmonise and guide actuarial work across the market. This will ensure consistency, transparency and accountability, strengthening public and regulatory confidence in the work we do,” he added.
Delivering a speech on behalf of the Acting Commissioner of Insurance, Dr Abiba Zakariah, the National Insurance Commission (NIC) reaffirmed its commitment to building local actuarial capacity and advancing professionalism in the financial services sector.
“Across the world, actuaries are no longer seen as quiet analysts working behind the scenes. They are becoming strategic architects shaping the future of financial security systems,” Dr Zakariah said. “At the NIC, we view actuarial capacity building as a national investment. The soundness of our financial system depends on the quality of analysis and foresight that actuaries bring.”
She highlighted the NIC’s ongoing collaboration with the ASG and Milliman to train young professionals and praised the Ghana Mortality Project as a “national milestone” that would replace foreign mortality assumptions with data tailored to local realities. “This project represents the beginning of a data-driven culture where policy decisions and product designs are anchored in our own experience, our own data and our own people,” she said.
The Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Mr Christopher Boadi-Mensah, also addressed the gathering, stressing the critical role actuaries play in strengthening Ghana’s pension and insurance systems.
“You are the guardians of risk management whose expertise in mathematics and data strengthens insurance, pensions and investment confidence,” he said. “Regulators are keen to see actuaries grow beyond compliance to become strategic leaders within companies.”
He announced that the NPRA is reviewing guidelines to expand the role of actuaries in both second and third-tier pension schemes, particularly in risk management and investment strategy. “Your visibility in Ghana remains limited compared to the global stage,” he observed. “The Society must show the industry the full value of your expertise. Your work must influence decision-making, product design and long-term strategy.”
The 2025 ASG Actuaries Connect Conference continues tomorrow with technical sessions on mortality modelling, data analytics, and actuarial innovation in health and microinsurance.