Old Mutual Buys Out Ghana Insurance Firm

Old Mutual today announced it has acquired a majority stake in Ghana’s Provident Life Assurance Company.

The company said in a statement the deal has been approved by the Financial Services Board (FSB) of South Africa and the National Insurance Commission (NIC) of Ghana.

Mr Ralph Mupita, CEO of Old Mutual Emerging Markets, commented: “With distribution in four cities in Ghana – Accra, Kumasi, Takoradi and Tema – Provident Life Assurance Company provides excellent opportunities for Old Mutual, giving impetus to our expansion strategy in West Africa.”