In a post-COVID-19 era, a major concern will be how to bring various economies around the world back to their feet through micro productivity.
In Africa, Agriculture remains the breadbasket of most economies including that of Ghana. According to the 2017 World Bank Sector Policy Note, Ghana’s agricultural sector accounts for one-fifth of her Gross Domestic Product (GDP), it employs nearly half of the workforce and is the main source of livelihood for the majority of the country’s poorest households.
Therefore, it is important that during this recovery stages, the food chain should therefore be a major concern in the steps to turn around economies and to beat down the poverty further heightened by the Covid-19 pandemic.
It is for this reason that Allianz Life Insurance Ghana, has partnered with the Pan African Savings and Loans company (PASL) to provide Credit life insurance support to cushion small scale farmers. As part of this agreement, PASL is partnering with AgroCenta, under their Financial Inclusion for Small Holder Farmers in Africa Project (FISFAP) and Alliance for a Green Revolution in Africa (AGRA), to provide credit facilities for smallholder farmers in the Afram Plains of the Eastern Region.
Under the programme dubbed: “Financial Inclusion for Small Holder Farmers for Africa Project (FISPAP),” Pan African Savings and Loans will be partnered by Allianz Life, who will be responsible for supporting farmers directly with their welfare needs as part of steps to give loans and marketing opportunities to help boost their production and sales of their yields. The package will cover the hospital care, disability needs, death and funeral needs of the beneficiary-farmers.
According to the Managing Director of Allianz Life Insurance, Gideon Ataraire, in a speech delivered on his behalf by Head of Corporate Business at Allianz Life, Dzifa Fiati, the credit life insurance cover comes at an opportune time when farmers need a hand to recover from the ravaging effects of the COVID-19 pandemic.
He further stated it will give them peace of mind knowing that their welfare lies in trusted hands even as they concentrate on boosting their production and sales. “We are securing the lives of the farmers, and this is going to make a big difference”.
The issue of microinsurance often than not has not been given much attention in many financial packages and microfinance facilities. The focus has always been on getting people money to boost their productivity with little concern on how they can pay back in good health.
Mr. Ataraire believes that the passion of Allianz Life Insurance in ensuring that the people are in good health and their needs are well taken care of, makes the services of the micro-business insurer very critical to the development of Ghana’s economy.
According to the Managing Director of Pan African Savings and Loans, Mrs. Emelia Desiree Atta-Fynn, her outfit’s strategies to promote financial inclusion and improve the livelihoods of its customers means embracing collaborative opportunities to offer financial services to the economically active in society.
On May 24th 2018, Allianz officially launched its life insurance operations in Ghana. The company offers savings plans, funeral and term life policies for both the retail and microinsurance markets as well as group life products for companies, SMEs, groups and associations.