SIC Life awarded at 2nd CIIG Insurance Excellence Awards

SIC Life Insurance LTD has been adjudged the Corporate Social Responsibility Company of the Year at the 2nd Edition of the CIIG Insurance Excellence Awards, which took place on Saturday, July 23, 2022, at the Labadi Beach Hotel. This award is in recognition of the company’s professional conduct, leadership skills, and contribution to the industry and society at large.

The plaque was received on behalf of the company by some staff members led by Nana Kwame Osei; Senior Manager- Finance & Accounts Dept.

This comes as no surprise as SIC Life Insurance LTD has not relented on its tagline of providing ‘Absolute Peace of Mind’ not only to customers but also through contributions to the growth and development of education, community, and youth development, and for the well-being of our security agencies as well as industry support.

Currently, SIC Life has two recognitions as the Corporate Social Responsibility Company of the Year both in 2019/2020 and 2021/2022 under the CIIG Insurance Excellence Awards.

With its vision of being recognized as the leading and most trusted brand in the industry, the Company has committed a significant amount of its budget to corporate social responsibility which is geared towards the improvement of education, security agencies, community, and youth development, contributing to the growth and development of the industry while recognizing its key functions within the sector to promote growth and sustainability.

SIC Life has continuously been a major sponsor of the Ghana Teacher Prize (formerly called the National Best Teacher Awards) and supported key institutions such as the Ghana National Association of Teachers (GNAT), Airforce Training School, Ghana National Fire Service Fire Academy, and provided significant financial support and Academic Prize Awards for excelling graduating students from institutions such as the Ghana Insurance College, West African Insurance Institute (WAII), Chartered Insurance Institute, Ghana (CIIG) and University of Ghana Business School amongst others.

Another complement to SIC Life CSR initiatives is its partnership with Rotary District 9102, which is made up of four countries: Ghana, Benin, Niger, and Togo. This partnership amongst other things helps to fund Water Sanitation and Hygiene Education (WASH), peace promotion, and environmental projects that improve the lives of people in Ghana. Presently, the Company has extended its benevolence to the Otumfuo Osei Tutu II Foundation, Accra Tennis Senior Championship, Ghana Medical Association, et al.

SIC Life will continue to support the industry through the promotion of development by integrating social and environmental concerns.

The Managing Director of SIC Life, Mr. Kwaku Appiah-Menka II in his remarks during a brief presentation of the award plaque by the attendees of the CIIG Awards, mentioned that “a company that invests in Corporate Social Responsibility is a Company that cares for both its internal and external environment.’

In order to positively impact our society and make a difference, he further suggested that ‘corporate bodies should consider investing greatly in the welfare of both its employees and the society. We at SIC Life will continue to support our community, youth, and the industry in any way possible.”

Source: Ghana Web

Review or Not: Government must ensure free shs policy remains accessible to Poor and vulnerable

The last couple of months has witnessed debates and calls for a review of some key components of the government’s Free Senior High School (FSHS) Policy.

The calls have been necessitated by the current economic challenges in the country including revenue shortfalls, cedi depreciation, high inflation, the seeming non-performance of the Electronic Transaction Levey (E-Levy), COVID-19 crisis, and the Russia-Ukraine war, compelling the government to seek International Monetary Fund (IMF) bailout.

The FSHS policy, since its implementation in 2017 has been lauded as one of the significant social intervention policies in Ghana. Indeed, there is evidence to suggest that the introduction of the policy has to a larger extent relieved parents and guardians (especially the poor and vulnerable) of the burden of financing their wards’ education. The policy has also made it possible for many young people in rural communities to access secondary education.

Reading the 2022 mid-year Budget Statement on Monday, July 25, 2022, Finance Minister, Ken Ofori Atta, indicated that “since 2017 government has invested ¢5.3 billion to enable 1,261,495 Ghanaian children to access secondary education under the FSHS programme at the end of 2021 to improve access to education” and reiterated governments’ commitment to continuously fund and improve the FSHS in the midst of the calls for a review.

However, since the announcement of an IMF bailout programme, government has been under immense pressure to reconsider its signature Free SHS policy as it consumes a substantial (about 2% allocation since 2017) portion of the nation’s resources and threatens quality, even though access to education has significantly increased.

For instance, the feeding component of the policy currently at 97 pesewas per student, costs GH¢900 million a year excluding costs for tuition fees, uniforms, exercise books, textbooks, and infrastructure. This has triggered strikes by the School Feeding Caterers for payment of arrears and call for an increment in feeding allocation from ¢0.97 pesewas to ¢3.

Indeed, government’s decision to seek an IMF bailout has triggered fears that IMF conditionalities could propose discontinuation of the Free SHS policy. Some critics say government has been reluctant in reviewing the policy because it does not want to jeopardize its political fortunes and track record.

Other Critics however strongly propose a review of the policy is crucial in the face of the current economic crisis to allow parents and guardians who can afford to do so while greater attention is paid to the poor and vulnerable thereby safeguarding the policy against IMF conditionalities.

While the debates and calls for review of the policy lingers, the Foundation for Security and Development in Africa (FOSDA) calls on government to ensure that whatever the case, the educational hopes of the poor and vulnerable are not sacrificed.

In Ghana currently, rural areas/localities continue to contribute to more than 60% of income poverty; experience wide infrastructure gaps and remain vulnerable in terms of health, and climate change among others which affect livelihoods and further deepen inequality.

The poor and vulnerable, especially young persons, can easily become targets and be exploited to commit terrorist activities which can in turn jeopardize the security of the country. It will therefore be appropriate to ensure that young persons of school-going age are supported to stay in school and that excess is not created for terrorist groups to take advantage of these groups and perpetuate their activities.

Again, government must engage key stakeholders on appropriate ways to improve the FSHS policy. This is because the free SHS policy continues to have a great potential to reduce inequalities within the poor regions and districts as well as reduce the north and south multidimensional poverty dimensions.

Source: Ghana Web