ADB explores strategic agric-insurance partnership
The Agricultural Development Bank (ADB) Plc has met with strategic partners to discuss a groundbreaking agric-insurance solution aimed at safeguarding Ghanaian farmers against the growing threats of climate change.
The delegation was made up of Jean Claude Galea Mallia, High Commissioner of Malta to Ghana; Mr Jean Paul Fabri, Co-Founder and CEO of MyUbuntu; and Dr Daniel Opoku-Mensah, CEO of JL Plantations.
The engagement is part of ADB’s broader commitment to promoting resilience in Ghana’s agricultural sector.
Discussions centered on “MyUbuntu’s innovative parametric insurance model,” which leverages satellite data and smart climate indicators to trigger instant payouts for farmers affected by droughts, floods, and other adverse weather conditions.
With fewer than three per cent of Africa’s 200 million smallholder farmers currently insured, the initiative is positioned to close a critical gap in agribusiness protection and boost sustainable growth.
Dr Daniel Opoku-Mensah of JL Plantations expressed optimism about the potential of the partnership, emphasising the importance of bundling insurance with agricultural inputs, loans, and technical support.
“This solution offers farmers more than just a safety net, it empowers them to thrive,” he noted.
High Commissioner, Jean Claude Galea Mallia, reaffirmed Malta’s commitment to supporting inclusive economic growth through innovative partnerships.
He lauded the My Ubuntu platform for aligning with global sustainability goals and for its focus on smallholder farmer protection.
The parties also discussed potential Memoranda of Understanding (MoUs) to establish a local operational presence in Ghana, engage regulators such as the National Insurance Commission, and partner with off-takers and input suppliers for effective policy rollouts.
- The model draws inspiration from successful implementations in Zimbabwe and Nigeria, where pilots have already secured the trust of over 400,000 farmers.
- Commenting on the importance of the initiative, the Managing Director of ADB Plc, Mr Edward Ato Sarpong emphasised that this initiative aligns with the Bank’s mandate and its goal to be at the forefront of agric-finance innovation and sustainable growth.
- “The Bank intends to incorporate this unique agric-insurance into a 5,000 farmer pilot scheme set to be rolled out, and will be scaled up thereafter to reach several other farmers across the country,” he said.
- “This initiative will help de-risk the agricultural sector, and attract more investors,” he added.
- As climate threats become more severe and unpredictable, ADB’s proactive stance signals a new chapter in building a more secure, sustainable, and resilient agricultural future for Ghana.
