SIC Life Insurance has reaffirmed its commitment to supporting the growth and development of the Kwame Nkrumah University of Science and Technology, Kumasi (KNUST), Kumasi, as the company advances plans for a major student accommodation project and broader initiatives in technology, research and infrastructure.

The commitment was highlighted during an engagement between SIC Life Insurance and the University’s leadership, during which the company outlined initiatives aimed at creating long-term value for the institution and its students.

At the centre of the discussions was a proposed student accommodation project being pursued by SIC Life in collaboration with private developers.

The project is expected to provide an initial 1,000 to 1,200 bed spaces, with the partners targeting completion within 15 to 18 months, subject to the conclusion of the necessary approvals and preparatory processes.

As part of its broader commitment to KNUST, SIC Life Insurance also donated 10 laptops to the University to support students.

The donation is expected to improve students’ access to digital learning resources and complement broader technology and research collaborations being explored between SIC Life and the University.

The Vice-Chancellor, Professor Christian Agyare, said the proposed accommodation project represented an important intervention in addressing the University’s accommodation needs and providing a safer and more conducive environment for students.

Prof. Agyare said the University would carefully assess existing arrangements, particularly those involving students, before determining the way forward.

He explained that although he was aware of previous arrangements involving students and a financial institution, further information was required to establish their current status and performance.

“We need to assess them and find out how they are doing, especially if we are able to get a good offer,” he said.

He believes the University’s staff population of more than 6,000 also presents an opportunity to develop a well-structured financial support arrangement that could benefit employees while providing a viable platform for institutional collaboration.

He said the University could leverage the size of its staff population and its experience with similar arrangements to negotiate favourable terms with financial institutions and other service providers.

“Staff over 6,000, that is what, if we can oversee it well,” he said.

Prof. Agyare noted that a successful arrangement for staff could subsequently provide a foundation for extending similar opportunities to students.

He stressed that any proposal presented to the University should be competitive, practical and attractive to staff before being expanded.

“You should make sure you submit something that is more acceptable, especially from your staff, and then we can scale it,” he said.

Prof. Agyare said the University could begin with a solicited proposal, assess its outcome and use the experience to determine how best to expand the initiative.

“We can solicit, then that, we will then have leverage. And then we'll see how we progress,” he said.

The Managing Director of SIC Life Insurance, Ing. Solomon Twum Barima, said the company had engaged private developers, with three expressing interest in partnering on the accommodation project.

He said SIC Life was ready to proceed once the necessary arrangements had been completed.

“I believe that as you are taking a seat, you are enabling environments, and the initial agreement should be completed so that we start working,” he said.

Ing. Barima said delays in government processes and approvals had affected the initial timeline for the project, which was expected to have commenced earlier.

He said the company’s immediate objective was to deliver the first phase of the accommodation project as quickly as possible before considering further expansion.

Ing. Barima added that SIC Life was working with relevant University departments on software development, with plans to make the resulting database available to KNUST for academic studies and research.