Roadmap for integrated climate risk management: Drought risk in Ghana's agriculture sector

This roadmap is developed from work undertaken on integrated climate risk management (ICRM) through the “Promoting Integrated Mechanisms for Climate Risk Management and Transfer” project (“ICRM project”) implemented by the Deutsche Gesellschaft für International Zusammenarbeit (GIZ) GmbH and the Munich Climate Insurance Initiative (MCII). In Ghana, the ICRM project is working across three workstreams within the agriculture sector: (1) sovereign drought risk insurance, (2) building capacities for risk prevention and risk reduction and (3) the development of insurance products for commercial agricultural actors.

Currently, there are significant barriers to establishing risk transferring mechanisms such as climate insurance in the agriculture sector in Ghana. The roadmap suggests actions and recommendations that could be followed by specific actors to address these barriers in a manner that considers and integrates risk management principles. The actors for which actions are recommended include The National Disaster Management Organisation (NADMO), Ministry of Finance (MoF), Ministry of Food and Agriculture (MoFA), National Insurance Commission (NIC) & Ghana Insurance Association (GIA), and the Ghana Meteorological Agency (GMet). Actions are recommended by actors in a proposed implementation plan and include a timeline and a cost of implementation.