Ghana: Agricultural Insurance coverage Fund to Be Operational Subsequent 12 months – Nic Boss

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An operational and governance doc to information and assist the implementation of the nation’s Agricultural Insurance coverage Fund (AIF) is being developed.

The Appearing Commissioner of Insurance coverage, Michael Okay Andoh, who disclosed this in Accra on Tuesday when the NIC and Coverage Hyperlink signed a Memorandum of Understanding to that impact, stated the AIF operational governance framework could be prepared by September subsequent yr.

He stated the Insurance coverage Act 2021 (Act 1061) enjoined the Fee to arrange an Agricultural Insurance coverage Fund to assist present insurance coverage for farmers within the nation.

Mr Andoh stated the AIF could be launched instantly after the operational and governance tips have been accomplished.

In response to the Appearing Commissioner of Insurance coverage, the AIF operational and governance doc, would amongst others, outline the crops to be insured, the variety of farmers to be insured and the premiums to be paid by farmers.

He stated agriculture remained the spine of the Ghanaian economic system and offered jobs for almost all of the individuals and in addition sustained livelihoods.

Mr Andoh stated the institution of the AIF represented a major milestone in selling agriculture, saying the fund would function a vital security web for the gamers within the sector and supply them with resilience.

He stated the sector was confronted with a myriad of challenges, resembling ailments, pest, drought, unpredictable climate patterns, and local weather change, which jeopardised meals manufacturing and safety.