The National Insurance Commission has announced plans to establish an Agriculture Insurance Fund aimed at strengthening financial protection for farmers against climate-related and operational risks.
The proposed fund is expected to enhance the resilience of Ghana’s agricultural sector by providing financial support to farmers affected by natural disasters including drought, flooding, fire outbreaks and other unforeseen events that threaten agricultural production.
The Commission is also seeking to expand insurance coverage across the agricultural value chain, targeting agribusinesses, input suppliers and other stakeholders as part of efforts to ensure the long-term sustainability of the initiative.
Commissioner of Insurance, Dr. Abiba Zakariah, disclosed to Citi News that the initiative is being developed in collaboration with key state institutions, including the Ministry of Food and Agriculture and the Ministry of Trade and Industry.
According to her, the partnership is focused on securing a dedicated financing mechanism and designing insurance products tailored to the specific needs of farmers and players within the agriculture sector.
“We all know that farmers in this country feed the entire nation. Without farmers, we are all affected. However, they are among those who face the most risks, including fire, floods, and pests. Unfortunately, insurance is often too expensive for the average farmer, most of whom are small-scale farmers in Ghana. That is why we are working to develop an Agricultural Insurance Fund.
The fund will provide financial support to farmers, so that even if they cannot afford insurance on their own, they can still be covered through this initiative,” she said.
