Ghana’s Finance Minister, Ken Ofori-Atta
The Africa Trade Insurance Agency at its 21st Annual General Meeting confirmed Ghana’s Finance Minister, Ken Ofori-Atta, as its Board Chairman; with the Minister of Finance and Economic Planning of Republic of Rwanda as Vice Chairman.
ATI at that meeting reaffirmed its role in economic transformation of the continent; ensuring effective trade and investment, and making the continent more resilient in a COVID-19 prevalent era.
The company ATI is based in Kenya and has a pan-African membership to provide credit and political risk insurance to support trade and investment in Africa.
It manages both short- and medium-term effects of the pandemic on its balance sheet; and closes the year with a net profit of US$39.4million and gross exposure of US$6.3billion.
The AGM also approved the proposed dividend distribution of US$9.9million, an annual increase of 139% from 2019. This growth reflects ATI’s resilient and the boss’s confidence in the underlying strength of the business.
Among the key highlight of the 21st AGM were the following: a record gross written premium of US$125.6million, representing a 12% increase between 2019 – 2020; a return on capital of 12.6% despite 80% growth in equity. The Institution maintained its A stable rating by Standards and Poor’s and A3 stable rating by Moody’s.
As ATI strives to be fully pan-African, its membership base continues to grow – underpinned by its increased relevance and support from the African Development Bank (AfDB), European Investment Bank (EIB) and German Development Bank (KfW).
The Chief Executive, Emmanuel Moses commented: “I am extremely proud of the 20-year track-record that ATI has set in the provision of credit and political risk insurance to support trade and investment in Africa. While we embark on our third decade, ATI pledges a more robust, reliable and transformational strategic approach to its business offerings. “We continue to be the de-facto business risk litigation tool that propels intra-African trade in support of AFCTA”.