Ghana’s agriculture sector has a $150,000 insurance grant.
The Ghana Agricultural Insurance Pool (GAIP) received the $150,000 grant within the USAID-Financing Ghanaian Agriculture Project (USAID-FinGAP) make it possible for GAIP to supply, market, then sell insurance products to agribusinesses and banking companies in Ghana, an argument from your donors claims.
According to the release GAIP is comprised of 19 insurance carriers – these individuals persons in the Ghana Insurers Association (GIA). Formed in 2011GAIP offers agricultural insurance products to agribusinesses in Ghana. Additionally, it offers weather index, area yield, multi-peril crop and poultry insurance cover to shield against extreme weather patterns, allowing these firms to remain in production after having a disaster.
These insurance products also enable agribusinesses gain greater admission to inputs and credit, increasing their profitability also in this process produce more investments, the making added.
The organizations signed the grant agreement December 19, 2014 in Accra.
Commenting, Rick Dvorin, Chief of Party of USAID-FinGAP, said, “GAIP’s insurance items are vital to USAID-FinGAP’s capability to leverage on financing from loan companies who definitely are excited about mitigating their risk for the agribusiness sector.”
“Supporting GAIP to do promotion and marketing activities will build sustainability into its operations fat loss businesses would buy some and thereby offering a possibility of revenue and sustainability,” he adds.
Alhaji Ali Muhammad Katu, Gm of GAIP, thanked USAID-FinGAP for any grant.
He said, “the grant go some distance to enhance GAIP’s product distribution among financial institutions and agribusinesses within the three regions of its northern border, by starting offices in Tamale, Wa and Bolgatanga.”
According to your website article, the USAID-FinGAP is actually a five-year project that is definitely unlocking financing for agribusinesses within the rice, maize and soy value chains operating out of or sourcing coal from northern Ghana.
Since its inception in July 2013, the work has facilitated over $5 million in financing for agribusinesses during the target areas, it adds.
By Emmanuel K Dogbevi