Prospects, determinants and profitability of aquaculture insurance among fish farmers in the Eastern Region of Ghana

Prospects, determinants and profitability of aquaculture insurance among fish farmers in the Eastern Region of Ghana

PurposeAquaculture insurance has the potential of redressing climate-change because it serves as an alternative source of finance in the event of unforeseen circumstances. To this end, the authors examine the prospects, determinants and profitability of aquaculture insurance among fish farmers in th...

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Bibliographic Details
Published in:World journal of science, technology and sustainable development Vol. 18; no. 4; pp. 494 - 512
Main Authors: Nicholas Oppong Mensah, Ernest Christlieb Amrago, Mensah, Emmanuel TD, Asare, Jeffery Kofi, Anang, Samuel Afotey
Format: Journal Article
Language:English
Published: Brighton World Association for Sustainable Development 15-11-2021
Subjects:
Aquaculture
Catfish
Climate change
Crustaceans
Economics
Farmers
Farms
Financing
Fish
Fish farms
Fishing
Food security
Insurance
Literature reviews
Organizational aspects
Production increases
Profitability
Return on investment
Seafood
Tilapia
Ghana
United States > US
China
Africa
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Summary:PurposeAquaculture insurance has the potential of redressing climate-change because it serves as an alternative source of finance in the event of unforeseen circumstances. To this end, the authors examine the prospects, determinants and profitability of aquaculture insurance among fish farmers in the Eastern region of Ghana.Design/methodology/approachA total of 140 fish farmers were sampled for the study. Thematic analysis was used to determine perceived aquaculture insurance prospects. The Heckman's two-stage model, profitability index (PI) and return on investment (ROI) was employed to respectively determine the factors influencing aquaculture insurance participation and amount intensity and the profitability of aquaculture.FindingsThe thematic analysis revealed three themes on the perception of aquaculture insurance prospects: loss recovery, farm renovation and promotes agriculture. Different sets of demographic and institutional factors have varying influences on aquaculture insurance participation and amount intensity. Profitability index (PI) and return on investment (ROI) were respectively 2.07 and 3.2%.Originality/valueThe research provides relevant information on perceived aquaculture insurance prospects, aquaculture insurance participation, and amount intensity and profitability of aquaculture which can contribute to enhancing aquaculture insurance and the aquaculture industry in Ghana.
ISSN:2042-5945
2042-5953
DOI:10.1108/WJSTSD-02-2021-0018