With his teammates, Aristide AGBOSSOUMONDE, General Director General of MIFA SA, organized on Friday in Lome, a handshaking meeting between the staff of BARAC cabinet, key players in the world of insurers and several national and international institutions involved into the agricultural ecosystem in Togo.
The main objective of the meeting was to ensure the need for insurance in relation to the agricultural sector and analyze the institutional and environmental framework for the implementation of a pilot project.
"MIFA has an essential pillar dedicated to insurance. So, for us it's not just a matter of doing a study and putting it in the drawers, but having products that are suitable for our agricultural sector, is really the practice we want, not the theory or what has been done in another country," said Aristide AGBOSSOUMONDE.
As part of the implementation of the Support to Employability and Inclusion of Young People in the Carrier Sectors (PAEIJ-SP) project, there were a competition to select a firm for the realization of a study for the establishment of agricultural insurance for the benefit of agricultural producers in Togo.
The Bureau Agriculture Resilience Insurance Advice (BARAC) was finally retained to conduct the study.
"It will be a question of assessing the capacity of agricultural actors to subscribe to agricultural insurance contracts, to elaborate the trigger indicators of insurance for the agricultural sectors that can be interested, to propose options of institutional mechanisms for the implementation of agricultural insurance policies, an agricultural insurance program in Togo, propose a roadmap for the implementation of a pilot project of agricultural insurance in Togo," details to agridigitale, Luc Sibbila KAFANDO, agronomist engineer and the boss of BARAC.
Generally, risks that affect yield and income at the level of agricultural production are climatic (rainfall, temperature variation and extreme events); biological (pests, diseases and contaminations); work and health (illness, disability, death); institutional and political environment (strikes, market disruption, regulatory change).
There are also constraints such as limited access to finance, inputs, infrastructure, etc.
Some analysts are suggesting that the tool should be placed in a much more global context by acting on the other links that are productivity, access to finance and the market.
"If the activity financed is not profitable, it will be difficult to pay the premium," warns Erick Herman ABIASSI, PhD agro economist. Scheduled to last four months, the provisional final report of this study which will be subject to validation is expected in early August 2019.