Fig: USAID
Having security for an amount invested in a business is very soothing. These days almost everything purchased is insured. From buildings, vehicles, equipment, literature to even legs and hands of athletes and sportsmen.
This area of business is flourishing so much in Ghana. Now the MNOs – Mobile Network Operators are also involved in the sale of insurance policies. One sector that has not benefited so much from insurance over the years is agriculture. In Africa it is considered as a high risk venture making it unattractive to investors. Institutions like GAIP – Ghana Agricultural Insurance Pool has rolled out pilot insurance policy in some regions of Ghana targeting some areas of agriculture with the hope of making it national. We are yet to hear from monitoring and evaluation team working on this project.
Last week I was excited to witness a life micro-insurance initiated by the Ghana Sustainable Fisheries Management Project (SFMP) of the United States Agency for International Development (USAID) for fisher folks. This is to benefit 135,000 individuals in the fishing communities. Speaking at the signing ceremony in Accra, the Chief-of-Party of the SFMP Dr Brain Crawford said the micro-insurance initiative was aimed at supporting the fishing communities with insurance packages.
This insurance policy a private initiative was done in consultation with the Ghana National Canoe Fishermen Council (GNCFC) and the Fish Processors and Traders Association of Ghana (NAFPTA). In an explanation, the Dr Crawford mentioned that, the insurance is a savings-linked life micro-finance product that makes provision for permanent disability. It will cover the life of the insured and provide a benefit when the insured dies or suffer permanent disability as a result of an accident during the duration of the policy. This project will be on a pilot basis in some selected fishing communities in parts of the country.
Among the many insurance companies operating here in Ghana, only Millennium Insurance and UT Life insurance were the two involved in doing the underwriting for the product. Vodafone Ghana signed as a partner to use its Vodafone cash platform for premium collection and claims payment. BIMA a micro-insurance and health services provider, on the other hand will support the distribution and policy administration of this novelty.
Fig 3: Women smoking fish for the market PHOTO CREDIT: © Ami Vitale
It is my hope this go beyond its pilot stage. At least for the first time in a long time, some attention has be given to our fisher folk who are doing best to feed the country. This project will support the Sustainable Development Goals for poverty and hunger reduction. I am satisfied with the fair distribution of beneficiaries; 71,000 inland fishermen and 27,000 women involved in fish processing and marketing. We looking forward that more institutions will join.
