Agricultural Insurance in Ghana: An Examination of Concepts, Structure and Challenges
Journal Title: Advance Research Journal of Multidisciplinary Discoveries - Year 2018, Vol 27, Issue 27
Abstract
Ghana has a target to achieve in the millennium development goal one by 2015 using agriculture as one of the panaceas to poverty reduction. This is because agriculture has the potential to transform the economy as it employs 60% of the labour force and in particular those in the rural areas. However, climate change threatens this objective; leaving rural households vulnerable to poverty traps. This review sought to examine how agricultural insurance in relation to concept, structure and prospect is providing timely and relevant response to mitigate the negative impact of climate change on agricultural production. The methodology adapted for the review was largely the use of primary data and information collected through interviews and participant observation supported with content analysis of existing publication on agricultural insurance. The review has identified two key projects that have developed insurance products for farmers. These projects are Innovative Insurance Project for Adaptation to Climate Change (IIPACC) and Ghana Agricultural Insurance Pool (GAIP).These projects have developed drought index insurance and area yield index insurance for maize and soya beans for seven regions in Ghana as a coordinated response to mitigating the negative effect of climate change consequently to reduce poverty. Although, these insurance products are developed it is not clear how the farmers are responding to the uptake of these insurance products. In addition, it has been observed that these products are limited to maize and soybean farmers. It is therefore, recommended that a study should be conducted to assess the level of utilization of these insurance products by farmers. Furthermore, insurance product should be developed to cover perils that affect other crops, livestock, poultry and fisheries.
Authors and Affiliations
Nicholas Oppong Mensah, Simon Cudjo Fialor , Dadson Awuny Vitor, Edward Yeboah
Keywords
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