Nana Awuah-Darko Memorial lecture held
A public lecture in memory of the founder of Vanguard Assurance Company Limited, Nana Awuah–Darko Ampem, has been held in Accra.
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The lecture was delivered by Mr Bernard Mensah, an economist and Head of Europe, Middle East and Asia of Merrill Lynch, a world leading financial management and advisory company. The ceremony coincided with the official launch of the Vanguard Group of Companies, comprising Vanguard Assurance Company Limited, Vanguard Life, City Investments Company Limited and Vanguard Properties Limited.
Speaking on the theme for the occasion, “When we were kings”, Mr Mensah requested the strengthening of regional capital markets in Africa to boost their capacity to generate funds towards the improvement of infrastructural projects, particularly in the energy sector.
He commended efforts by governments in the West Africa sub-region to attract foreign direct investment, which was quite huge, but advised that emphasis should be placed on ways to move away from relying solely on commodities.
He said between the year 2000 and 2010, Africa grew by six per cent, the largest in any region of the world, which signifies a new interest and resurgence to invest in the continent and which, as a consequence, has also brought about expansion of the middle class.
He noted further that the GDP growth rates of many African states were such that they would require linkage of their economies in order to build large markets to attract investments. This was because countries perceived to have big economies attracted investments unlike those with small economies.
However, he assessed that while population dynamics and per capita income did play a role in attracting foreign direct investment, the positioning of a country in providing unique end user services was also critical. He cited the example of Singapore which although was a country of only five million people, was the hub of economic activity in Asia because of its strong capabilities in banking, insurance and port services.
He said through improvements in education and focus on its comparative advantages, Ghana could also show the way by becoming a commercial hub in the West Africa sub region.
The late Nana Awuah-Darko Ampem who was also an Nkosuohene of Ashanti Juaso first established Marine and General Insurance Brokers in 1969 after returning from his studies and working abroad. But a law in 1972, making it obligatory for all government institutions to deal directly with State Insurance Company and not through a broker, compelled him to found Vanguard Assurance in 1975, making it the first indigenous insurance company in the country.
