The Agric Minister-designate, Hon Eric Opoku, has revealed plans by the government to introduce subsidized agricultural insurance for farmers, aimed at protecting them against financial losses caused by unpredictable weather, pests, and market fluctuations.
Speaking during his vetting before Parliament’s Appointments Committee on Monday, January 20th 2024 , the Minister-designate emphasized the critical role of agriculture in Ghana’s economy and highlighted the need to safeguard farmers’ livelihoods through innovative support mechanisms.
“The government is committed to de-risking agriculture and ensuring farmers have the confidence to invest in their operations. Subsidizing agricultural insurance is a strategic step to protect them from unexpected losses and enhance food security,” he stated.
The program, according to the Minister-designate, will cover a range of risks, including crop failure, livestock diseases, and climate-related disasters such as floods and droughts. He added that the initiative is designed to ensure affordability and accessibility, particularly for smallholder farmers who constitute a significant portion of the agricultural workforce.
“This is not just about managing risks but also about encouraging youth participation in agriculture and improving productivity. We want farming to be a viable and secure venture for everyone,” he remarked. The Minister-designate also noted that the government would collaborate with insurance companies, agricultural stakeholders, and development partners to ensure the program’s success. He assured Parliament that the subsidy plan aligns with the government’s broader agenda to modernize agriculture and boost economic growth.
picture credit :Oyerepa
