FARMERS’ WILLINGNESS TO PURCHASE DROUGHT INSURANCE IN THE VOLTA REGION OF GHANA | Journal of Global

Agriculture is recognised to be vulnerable to risks and uncertainties, which can cause production delays, yield reductions, and, in the worst-case scenario, crop loss. Given present climatic trends, these risks and uncertainties have grown. The willingness of farmers to take drought insurance as a risk mitigation technique is examined in this research. The replies of one hundred (100) farmers from Ghana's Volta area were analysed using contingent valuation. Approximately 78 percent of farmers had never heard of crop insurance, according to the statistics. Approximately 68 percent of the farmers had seasonal production costs ranging from GHS100 to GHS300. Eighty-seven percent (87%) were willing to pay a premium of GHS10 to GHS25 for drought insurance. The insurance scheme's minimum premium rate is 10% of the manufacturing cost. The study thus advises the Ministry of Food and Agriculture's Ghana Agricultural Insurance Programme to educate and sensitise farmers about the insurance scheme in order to increase patronage.

Please see the link :- https://www.ikprress.org/index.php/JOGAE/article/view/464