The University of Professional Studies, Accra (UPSA) has inaugurated its Bachelor of Science (BSc) Actuarial Science programme, to build the nation’s human resource capacity in insurance and financial risk management.
The programme has been developed to train needed expertise to forecast future risk and related issues and also bridge the gap between theory and practice of insurance and risk management.
The programme fits well into Ghana’s agenda of mitigating risk associated with life, investment and business by establishing institutions related to risk and insurance such as the National Insurance Commission (NIC), Ghana Insurance College, State Insurance Company Limited and promulgating the Insurance Act, Act 724 of 2006.
From the beginning of the 2016/2017 academic year, aside the programme, the UPSA, has also introduced a Law programme at the first degree level.
Professor Joshua Alabi, the Vice Chancellor, UPSA, said the vision of the University is to create a world-class higher educational institution that is nationally entrenched, regionally relevant and globally recognised.
He said at the moment, the UPSA is the only university offering a study programme in Total Quality Control at the postgraduate level on the African continent.
He said the objective of UPSA is to produce professionals for society; stating that in Ghana, the UPSA is the only University offering a programme in auditing.
He said the UPSA is a professional university, and therefore, would not allow itself to be pushed to become a research based university.
He explained that, UPSA’s programmes have being tailored in such a way as to meet the professional need of the country.
Prof Alabi said the programme, would produce graduates that would meet the growing need of the insurance, banking and financial industries.
Dr Charles Barnor, the Dean, Faculty of Accounting and Financial, UPSA, in a speech read on his behalf said the programme would train graduates who would be competent to provide policy direction and advice for decision making regarding risk and insurance for individuals, businesses and government.
He said the employment opportunities for the graduates of the programme are very high and bright.
He said the graduates would secure careers in the field of Actuarial Sciences, risk and insurance management, pension administration, health and insurance management.
Mr Simon Nerro K. Davor, the Deputy Commissioner, NIC, said following the inauguration of the programme at the UPSA, Ghana now has six universities offering the programme.
He said the doors of NIC are opened to actuarial science students for industrial visits.
He said Ghana currently has 52 insurance companies with staff strength of 4,820; and there are 75 insurance brokering companies in the country.
He said the Commission requires that all insurance companies operating in the country have at least one actuarial expert; stating that without actuarial scientists, the insurance industry cannot grow.
Prof Stephen A. Yeboah, Chief Actuary, Social Security and National Insurance, who chaired the function hailed the Management of UPSA for introducing the programme.