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

Nicholas Oppong Mensah (Department of Agricultural Economics, Agribusiness and Extension, University of Energy and Natural Resources, Sunyani, Ghana)
Ernest Christlieb Amrago (Department of Agricultural Economics, Agribusiness and Extension, University of Energy and Natural Resources, Sunyani, Ghana)
Emmanuel T.D. Mensah (Aquaculture Research and Development Centre, CSIR-Water Research Institute, Ministry of Fisheries and Aquaculture Development (MoFAD), Quito, Ecuador)
Jeffery Kofi Asare (Department of Agricultural Economics, Agribusiness and Extension, University of Energy and Natural Resources, Sunyani, Ghana)
Samuel Afotey Anang (Department of Agricultural Economics, Agribusiness and Extension, University of Energy and Natural Resources, Sunyani, Ghana)

World Journal of Science, Technology and Sustainable Development

ISSN: 2042-5945

Article publication date: 29 April 2021

Issue publication date: 15 November 2021

321

Abstract

Purpose

Aquaculture 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/approach

A 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.

Findings

The 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/value

The 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.

Keywords

Acknowledgements

The authors sincerely express profound gratitude to Amprofi Ampah Amproche, a Geospatial Analyst on the study site map design.

Citation

Mensah, N.O., Amrago, E.C., Mensah, E.T.D., Asare, J.K. and Anang, S.A. (2021), "Prospects, determinants and profitability of aquaculture insurance among fish farmers in the Eastern Region of Ghana", World Journal of Science, Technology and Sustainable Development, Vol. 18 No. 4, pp. 494-512. https://doi.org/10.1108/WJSTSD-02-2021-0018

Publisher

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Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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