(L-R): Ken Aghoghovbia, Deputy Managing Director / COO of Africa Re; Michael Kofi Andoh, Acting Commissioner of Insurance of Ghana; Temitope Akinowa, Regional Director, West Africa-Anglophone of Africa Re; Nathaniel G.Baba, Director of insurance of Liberia

In a significant move to address agricultural risk, the African Reinsurance Corporation (Africa Re) recently orchestrated a three-day workshop on Agriculture and Climate Insurance in Accra. The event, hosted at the esteemed Labadi Beach Hotel, served as a convergence point for insurance professionals from across Africa, fostering collaboration and capacity building in the development of innovative agricultural insurance products and services.

The workshop saw participation from 14 African nations, including Ghana, Côte d’Ivoire, Ethiopia, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zambia, Zimbabwe, Liberia, Egypt, and Sudan. The focus was on strategizing to mitigate the substantial risks that the continent’s agricultural sector faces.

Participants on a field trip to the Kpong Irrigation Scheme at Asutsuare in the Shai Osudoku District of the Greater Accra Region.

Ken Aghoghovbia, Deputy Managing Director and Chief Operating Officer of Africa Re, underscored the crucial role of agriculture in Africa’s economic growth. He acknowledged the sector’s significant contribution to GDP and employment, while also highlighting the challenges posed by climate change, conflicts, and limited access to financing.

“Agriculture forms the economic spine of Africa,” Aghoghovbia noted. “However, its potential is yet to be fully harnessed due to various factors that impede productivity and food security. By enhancing agricultural insurance, we can foster a more resilient and sustainable sector.”

Cross section of participants

Kofi Andoh, Acting Commissioner of Insurance for Ghana, echoed these sentiments, emphasizing the compounded impact of climate change and biodiversity loss on traditional agricultural challenges. He stressed the pivotal role of insurance in attracting essential credit and investment to the sector.

A group photo of participants and speakers at the Africa Re Agriculture and Insurance Workshop in Accra Ghana
“Agricultural insurance is a critical tool for risk mitigation and unlocking the sector’s full potential,” Andoh stated. “Ghana is committed to fostering an environment conducive to the development and delivery of affordable agricultural insurance products.”

Despite the growing recognition of agricultural insurance’s importance, Africa’s market remains relatively underdeveloped. Aghoghovbia attributed this to factors such as limited expertise, low adoption of digital solutions, and inadequate investment in product development.

The workshop served as a platform for knowledge sharing and capacity building, equipping participants with the skills needed to develop and implement robust agricultural insurance programs. Experts from around the world shared insights on product design, underwriting, claims management, and digital solutions.

The workshop resulted in participants gaining a deeper understanding of the opportunities and challenges associated with agricultural insurance in Africa. By fostering collaboration and knowledge exchange, the event aims to accelerate the development of innovative insurance solutions that empower farmers and contribute to the continent’s agricultural growth.