An Agricultural Insurance Policy coming out soon

The National Insurance Commission has initiated the design of a comprehensive agricultural insurance policy which seeks to provide insurance to make it suitable and affordable crops and livestock insurance products to boast small and large scale farmers.

Toward this move, the NIC with other stakeholders in the agricultural sector has held a two-day workshop at Prampram to review the policy. Those in attendance included the National Insurance Commission (NIC), Ghana Insurers Association (GIA), Alliance for Green Revolution in Africa (AGRA), Ministry of Food and Agriculture, Ministry of Finance, Ghana Agricultural Insurance Pool (GAIP) and the Kwame Nkrumah University of Science and Technology the body that researched and the developed the draft agricultural insurance policy.

Speaking at the official opening of the workshop, Justice Yaw Ofori indicated that an increase in the nation’s insurance penetration is of key importance to the commission and in developing the commission’s three-year strategic plan in 2017, this were the priorities.
He pointed out that another key objective of the strategic plan was to implement an agricultural insurance policy to make it suitable and affordable for crops and livestock’s farmers.

In view of that, an application was submitted to AGRA to sponsor the development of the policy. Importantly too, with the collaboration between NIC, AGRA, GAIP and the provision of consultant service by the Bureau for Integrated Rural Development of the Kwame Nkrumah University of Science and Technology resulted in the development of the draft policy.

He pointed out that this policy if implemented by the Government will greatly promote agricultural insurance as a modern risk mitigation to improve the resilient of farmers to shocks to production and their livelihood.

He however commended the technical committee lead by Kofi Andoh – Deputy Commissioner to oversee the development of the draft policy and the working group for the great work done.

The Director of Financial Services of the Ministry of Finance – Mr. Sampson Akligoh said, the policy will increase the policy competitiveness financial inclusion and make the country self-sufficient.

He said a well function agricultural insurance landscape had the potential to transform the sector. “As the Government develops policy to promote agricultural insurance in the country, we believe it will increase productivity, competitiveness and financial inclusion in the course of alleviating rural poverty, stabilizing farmer’s income and establishing food sufficiency,” he indicated.

He said the safety net of agricultural insurance will be an effective instrument to drive those goals. Through an effective agricultural policy, he said the Government will be able to partner private players to develop the framework for product development and risk management.

“The policy will also help to streamline the relieve efforts and reduce the direct and indirect caused on the national economy”, he added.

Foster Boateng – West African Director of AGRA pointed out that AGRA is an African-led partnership working across the African continent to help millions of small scale farmers and their families to lift themselves out of poverty.

More importantly, he explained that AGRA strategy seeks to catalyzed and sustain an inclusive agricultural transformation in 11 priority areas including Ghana.

Comments

Post a Comment

Popular posts from this blog

Papaye Fast Food opens new Kaneshie-Awudome branch

Image
Executive Chairman-Papaya, Dr. Kalmoni and Dep. Minister, Elizabeth Sackey, cutting the ribbon to officially open the Awudome-Branch Papaye Fast Food Limited, a leading fast-food chain in the country, has officially opened a new branch at the Kaneshie- Awudome roundabout. The opening event, which happened at the new branch’s forecourt, was honoured by the Deputy Minister of Greater Accra Region, Mrs. Elizabeth Sackey, representatives from the Ghana Tourism Authority and Ministry of Tourism, as well as some corporate organisations. The Chief Executive Officer-Papaya Ltd., Divine K. Asiedu, said opening the Awudome branch means Papaye now has six operational outlets from its 28 years of existence in Ghana. "Papaye wants to assure its customers and everyone within this vicinity that it will continue serving the best tasty food without compromising on its hospitality, comfortability and affordability principles." Executive Chairman-Papaye, Dr. Sami...
Read more

Tractafric Motors: Ford Ranger takes top honours

Image
The Ford Ranger has received the highest award for quality in the midsize pickup segment in the US; according to the 2020 JD Power Initial Quality Study (IQS) report. The Initial Quality Study, now in its 34th year, is based on responses from 87,282 purchasers and lessees of new 2020 model year vehicles in the US who were surveyed after 90 days of ownership. The study took place from February through to May 2020. The JD Power Initial Quality Study (IQS) takes an updated look at the problems owners are having with their new vehicles, including those related to new technologies. The study, redesigned this year, measures components that fail and features that are difficult to use, hard to understand or don’t work the way owners want. Initial quality is determined by the number of problems experienced per 100 vehicles (PP100), with a lower score reflecting higher quality. “The Initial Quality Study is the industry benchmark for new-vehicle quality and, year after year, automakers app...
Read more

Redesigned Nissan logo signals a fresh horizon

Image
How the badge’s physical identity was adapted for the digital world We are more connected than ever before. People are growing up with the access to knowledge and the potential for interaction that the internet offers. Our lives are as much digital as they are physical. Hence strong brands need to have effective touchpoints in both realms. For the past 20 years, Nissan’s outgoing logo has been a beacon on its vehicles and so much more. It has served as an identity, a business card, a handshake and the first greeting between customers and the driving excitement that Nissan vehicles provide. For decades more, Nissan’s logo has stayed true to a belief held by its founder Yoshisuke Aikawa, “Shisei tenjitsu o tsuranuku,” which he interpreted to mean, “If you have a strong belief, it penetrates even the sun.” While keeping this essence alive, Nissan’s new “calling card” reflects the significant changes in society over the last two decades. It is a reimagination of the iconic Nissan bra...
Read more