The CEO of Witama Agribusiness Company Limited, Alberta Afriyie-Mensah has highlighted the importance of agric insurance in agribusiness. In an interview, she explained how having an agric insurance saved her from losing her investment.
She explained that the unprecedented weather patterns she experienced last year on her farm, resulted in low harvest. However, having an insurance package on all her farms covered her back. She mentioned that in situations where there are floods, bushfires and droughts that affect the yield, having an insurance package is ideal.
People have expressed how risky agriculture is, however Alberta explained that over the years, a lot of structures have been put in place to prevent such incidents; one such structure is the Ghana Agricultural Insurance Pool (GAIP).
She cited that the Ghana Agricultural Insurance Pool (GAIP) provides agricultural insurance for farmers. “They know us well; they are agriculturists and they understand the agric business very well. Their charge for insurance is reasonable considering how risky agriculture is” she added.
Alberta runs a nucleus farm where she farmed 700 acres of soya and for the Outgrower scheme at Walewale, West Mamprusi District she worked on 200 acres of soya, 50 acres of maize and 450 acres of rice while working with 420 farmers in 6 communities.
Touching on local rice production, Alberta indicated that there is always demand for local rice but the main challenge is pricing. She further stated that the price buyers are willing to pay, is not able to offset the cost involved in the purchasing of agricultural input.
“The importation of rice affects us smallholder farmers because the rice miller will be reluctant to buy the rice paddy at a good price and some individuals are just unwilling to pay the value of local rice” she said.