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Factors Affecting Risk Management Strategies To Climate Change Effects In Ghana

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  • Ellis, Emmanuella
Abstract
The continued dependence on rain fed production by farmers increases their vulnerability to risk. In view of this, the study assessed the major risk faced by farmers, the main coping strategies adopted and the determinants of the strategies employed by farmers. Cross sectional data was obtained from 208 farmers randomly selected from the Eastern region of Ghana using a structured questionnaire in the year 2014. The Multinomial Logit regression model was employed to examine the factors influencing the coping strategies adopted by farmers. To cope with risks, farmers mainly preferred to practice crop diversification, borrow money or use up their savings. Results showed that the choice of coping strategies used by the respondents were influenced by their individual and farm characteristics, and the available institutions and capital resources. The study recommends the formulation of policies aimed at increasing farm and off farm income, and promote savings to strengthen farmers’ capacity to cope with risks.

Suggested Citation

  • Ellis, Emmanuella, 2017. "Factors Affecting Risk Management Strategies To Climate Change Effects In Ghana," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 5(1), January.
    • Handle: RePEc:ags:ijfaec:266476
    DOI: 10.22004/ag.econ.266476
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    References listed on IDEAS

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    1. Robert Aidoo & James Osei Mensah & Prosper Wie & Dadson Awunyo-vitor, 2014. "Prospects of Crop Insurance as a Risk Management Tool among Arable Crop Farmers in Ghana," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(3), pages 341-354, March.
    2. Langat, Jackson Kipngetich, 2009. "Effect Of Credit On Household Welfare: The Case Of “Village Bank” Model In Bomet District, Kenya," Research Theses 117801, Collaborative Masters Program in Agricultural and Applied Economics.
    3. Dalila Cervantes-Godoy & Shingo Kimura & Jesús Antón, 2013. "Smallholder Risk Management in Developing Countries," OECD Food, Agriculture and Fisheries Papers 61, OECD Publishing.
    4. Barry J. Barnett & Olivier Mahul, 2007. "Weather Index Insurance for Agriculture and Rural Areas in Lower-Income Countries," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(5), pages 1241-1247.
    5. John Hoddinott, 2006. "Shocks and their consequences across and within households in Rural Zimbabwe," Journal of Development Studies, Taylor & Francis Journals, vol. 42(2), pages 301-321.
    6. Robert Aidoo & James Osei Mensah & Prosper Wie & Dadson Awunyo-Vitor, 2014. "Prospects of Crop Insurance as a Risk Management Tool among Arable Crop Farmers in Ghana," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(3), pages 341-354.
    7. Falola, Abraham & Ayinde, Opeyemi Eyitayo & Agboola, Babatola Olasunkanmi, 2013. "Willingness To Take Agricultural Insurance By Cocoa Farmers In Nigeria," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 1(1), pages 1-12, July.
    8. Deressa, Temesgen Tadesse & Ringler, Claudia & Hassan, Rashid M., 2010. "Factors affecting the choices of coping strategies for climate extremes: The case of farmers in the Nile Basin of Ethiopia," IFPRI discussion papers 1032, International Food Policy Research Institute (IFPRI).
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    Cited by:

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    3. Yohannes Girma & Berhanu Kuma & Amsalu Bedemo, 2023. "Risk Aversion and Perception of Farmers about Endogenous Risks: An Empirical Study for Maize Producers in Awi Zone, Amhara Region of Ethiopia," JRFM, MDPI, vol. 16(2), pages 1-29, February.

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