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Business News of Wednesday, 3 August 2016


Government introduces insurance scheme for farmers

In a bid to minimize the high risks associated with agricultural production in the country, the Ministry of Food and Agriculture (MoFA) is introducing a crop insurance scheme to cushion farmers in the event of losses on their farms.

Ultimate News’ Lambert Atsivor reports that the scheme which is in partnership with the Bank of Ghana (BoG) would ensure farmers who have registered on the scheme be paid compensations when their farms are destroyed by fire, flood, pest or any other natural occurrences.

The sector minister, Mohammed Muniru Lemuna who disclosed this at a stakeholders forum in Ho, said the implementation of the scheme dubbed the ‘Ghana Incentive-based Risk Sharing Agricultural Lending’ will help reduce the high cost of food crop production and in the long run cut down on food inflation.

The minister also announced a $113million, Ghana Agricultural Sector Investment Programme (GASIP), aimed at boosting investment in the agriculture value-chain, which is being financed by government of Ghana (GoG), the International Fund for Agriculture (IFAD) and other partners.

IFAD has made available a grant of $10 million to mitigate the effects of climate change under the Adaptation for Smallholder Agriculture Program included in GASIP, in addition to a $71.60 million loan support for the 7-year programme.

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