TOGO – The government of Togo has allocated USD 1 million to a new sovereign insurance subscription aimed at safeguarding local farmers during the 2023-2024 agricultural campaign.
This initiative, fortified by a USD500,000 grant from the African Development Bank (AfDB), underscores Togo’s commitment to supporting farmers in the face of climatic uncertainties.
The partnership, sealed with the African Risk Capacity (ARC), a pan-African risk management mutual, ensures that Togolese farmers are equipped to handle emergency situations arising from extreme weather events and natural disasters.
This includes protection against droughts, floods, tropical cyclones, epizootics, and locust invasions.
According to the Ministry of Agriculture, the initiative is a crucial step to mitigate the adverse effects of climatic variations on agricultural activities.
The sovereign insurance subscription has become an annual tradition since 2019, with amounts allocated progressively growing – from USD 499,924 in 2019 to USD 1 million in 2022.
In the preceding year, the ARC disbursed $2.5 million to Togo to address the aftermath of multiple drought pockets that had adversely impacted crop production.
“The commitment to securing this insurance coverage annually reflects our dedication to shielding our farmers from the unpredictable challenges posed by climate change,” commented [Government Official], emphasizing the government’s proactive stance in supporting the backbone of the nation’s economy.
In 2022, Togo faced severe drought conditions, affecting 69,444 farmers nationwide. The Savanes region bore the brunt, with 59,167 farmers impacted, alongside 6,233 and 4,044 in the Kara and Central regions, respectively.
With agriculture contributing 41% to the country’s GDP and employing nearly 65% of the active population, the importance of safeguarding this sector cannot be overstated.
Togo’s arable lands span over 3.6 million hectares, constituting 60% of the country’s territory. The Togo Agriculture Sector Support Project (PASA), with a USD 19 million investment, has been instrumental in rehabilitating and reinforcing productive capacities across selected value chains.
This project aligns with the Government’s National Agriculture and Food Security Investment Program, focusing on enhancing strategic food crops, export crops, and freshwater fish.
The PASA-supported activities encompass the marketing of rice and maize, traditional export crops like cotton, coffee, and cocoa, and freshwater fish farming.
Through capacity-building initiatives and coordination support, the project has facilitated an enabling institutional environment for the development of the agriculture sector.
“The Togo Agriculture Sector Support Project represents a holistic approach to bolstering our agricultural landscape. By focusing on capacity building, coordination, and strategic investments, we are fostering a resilient and sustainable future for Togo’s farmers,” stated [Project Spokesperson].
As Togo advances in fortifying its agricultural resilience, the sovereign insurance initiative serves as a crucial instrument in providing immediate relief to farmers grappling with the unpredictable challenges posed by climate change.
The commitment to annual subscriptions and collaborative projects underscores Togo’s dedication to steering its agricultural sector towards a more secure and sustainable future.
For all the latest fresh produce industry news updates from Africa, the Middle East, and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
