On Thursday, November 24, 2022, Finance Minister Ken Ofori-Atta informed parliament that the National Insurance Commission (NIC) is leading the establishment of agricultural insurance for farmers through the Ghana Agricultural Insurance Pool (GAIP).
Commercial farmers and small-holder farmers can purchase traditional agriculture insurance and index-based weather insurance products from GAIP.
According to Mr. Ofori-Atta, who presented the budget for 2023, qualified farmers will receive an estimated $400 million in agricultural insurance in 2023.
The presentation of the budget in parliament is in pursuance of the Public Financial Management Act, 2016 (Act 921).
This allows the Finance Minister to review the budget statement and economic policy of the government and supplementary estimates for the 2023 financial year.