The National Insurance Commission (NIC) is spearheading the development of agricultural insurance for farmers through the Ghana Agricultural Insurance Pool (GAIP), Finance Minister, Ken Ofori-Atta, has announced to parliament on Thursday, November 24, 2022.

GAIP provides traditional agricultural insurance and index-based weather insurance products to commercial farmers and small-holder farmers.

Presenting the 2023 budget, Mr Ofori-Atta said: “An estimated USD$400 million in agricultural insurance will be extended to eligible farmers 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.