Govt urged to suspend VAT on life insurance policy

The government has been urged to pause the upcoming Value Added Tax (VAT) on life insurance policies.

Ali Shaibu, CEO of KEK, an insurance brokerage firm, made this request. He emphasized the need for more discussions with industry stakeholders before implementing the tax.

Shaibu spoke during an interview with The Ghanaian Times. This interview followed KEK's 35th anniversary celebration in Accra. The theme of the event was "35 Years of Excellence - Celebrating our Journey So Far."

He also pointed out that introducing VAT on life insurance could reduce its coverage and penetration in the country.