Private sector entities in agriculture trained in risk management

By Emmanuel AKOMEA

Some private sector representatives working in the agricultural industry have received specialist training in agricultural risk management as part of capacity development workshops organised by the Platform for Agricultural Risk Management (PARM).

The three-day workshop is the first of its kind designed exclusively for the private sector. Its aim is to equip participants with the tools and knowledge necessary to effectively manage risks associated with agricultural activities.

In an interview with Capacity Development Specialist-PARM, Francesca Nugnes, expressed her enthusiasm for the initiative, stating: “First of all, we are very happy to be working in Ghana and to have this opportunity. This is the first time we have organised a Capacity Development Workshop exclusively for the private sector.

“Risk management in agriculture is valuable to the private sector because it enables effective planning and resource allocation. By proactively identifying and addressing risks associated with agricultural investments, private sector businesses can strategically allocate resources and make informed decisions to increase the resilience and success of their operations.”

The aim of the workshop was to provide private sector companies with a better understanding of agricultural risks, which will enable them to effectively manage and allocate resources while mitigating potential investment risks. The organisers emphasised the importance of awareness and skills in managing risks associated with agricultural investments.

The workshop, held in collaboration with the Italian Agency for Cooperation and Development, facilitated dialogue between different stakeholders along the agricultural value chain. Participants included producers, processors, buyers and financial experts.

Ms. Nugnes indicated that the foreign companies from Italy that are part of the initiative will not only operate but also contribute to the development of a resilient agricultural system in Ghana. She emphasized the importance of knowledge exchange and learning from local actors in order to increase resilience to climate risks, market risks and unforeseen events.

Ideal Providence Farms CEO Georgina Koomson attended the workshop and highlighted the importance of understanding and mitigating risks associated with farming operations. She said that by looking at factors such as crop selection, location and adaptation strategies, farmers are aiming to reduce their vulnerability to unforeseen events such as bushfires.

She expressed concerns about the discrepancy between risk assessment and knowledge of financial institutions, but remains hopeful that greater awareness and cooperation will lead to more effective support mechanisms.

Managing Director of Maphlix Trust Ghana Limited, Dr. Felix M. Kamassah, highlighted the importance of these efforts in shaping agricultural policies and guiding investments in the sector. He noted that by providing tools for risk assessment and effective planning, both individual companies and government agencies can make informed decisions that will lead to more sustainable and profitable outcomes.

The workshop also highlighted the importance of educating young people about the risks and opportunities in agriculture. By equipping young people with the knowledge and tools to address the challenges of the sector, stakeholders believe they can foster a new generation of informed and resilient farmers who can contribute to the development of the industry.

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