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The willingness of cocoa farmers to insure their farms against production risks – The case [of the] Upper West Akim District of the Eastern Region Of Ghana

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dc.contributor.author Amponsah, Elvis Kwaku
dc.date.accessioned 2021-03-10T11:45:54Z
dc.date.available 2021-03-10T11:45:54Z
dc.date.issued 2020-05
dc.identifier.uri http://hdl.handle.net/20.500.11988/620
dc.description Undergraduate thesis submitted to the Department of Business Administration, Ashesi University, in partial fulfillment of Bachelor of Science degree in Business Administration, May 2020 en_US
dc.description.abstract Cocoa production contributes largely to Ghana’s export earnings. Cocoa farmers in Ghana face both price risks and production risks. Ghana’s cocoa sector faces negligible price risk because the government pays a fixed producer price. However the cocoa sector is faced with different forms of production risks due to pest and disease, climate change, variations in weather patterns and outbreak of bush fires among others. Cocoa farmers in the Atiwa District, known to be one of the major cocoa producing districts in Ghana face these uncertain production risks that cause crop failures leading to low production yields. Therefore, one strategy to mitigate such risks is to insure their cocoa farms against uncertain risks to hedge against crop loss. Insurance helps to measure risk and protect farmers against crop failures. This study evaluated the major production risks faced by cocoa farmers in Ghana, the extent of the awareness of cocoa farmers in general insurance products, identified the factors that influence the willingness of cocoa farmers to insure their farms and identify the average price cocoa farmers are willing to pay to insure their farms. A random sampling approach was used to sample 133 cocoa farmers in the Upper West Akim District in the Eastern Region of Ghana. A Contingent Valuation Model is used to infer the utility maximization levels and design an appropriate questionnaire to measure the willingness of farmers to adopt crop insurance. Using a probit and logistic model, age and other income sources of cocoa farmers were found to influence the willingness of farmers to adopt crop insurance. en_US
dc.description.sponsorship Ashesi University en_US
dc.language.iso en en_US
dc.subject cocoa farming en_US
dc.subject production risks en_US
dc.subject crop insurance en_US
dc.subject Upper West Akim District en_US
dc.title The willingness of cocoa farmers to insure their farms against production risks – The case [of the] Upper West Akim District of the Eastern Region Of Ghana en_US
dc.type Thesis en_US


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