Grenada to offer reimbursements to bear losses to Cocoa and Nutmeg Crop Farmers

A trail of destruction by Hurricane Beryl has laid great impact on the cocoa and nutmeg farmers of Grenada. Considering this, the government has decided to offer reimbursements to farmers for the losses to the ones who were registered for crop insurance.

Tuesday, 23rd July 2024

Grenada: A trail of destruction by Hurricane Beryl has laid great impact on the cocoa and nutmeg farmers of Grenada. Considering this, the government has decided to offer reimbursements to farmers for the losses to the ones who were registered for crop insurance.

Following the devastating impact of Hurricane Beryl, the reimbursements have come up with the joint hands between Dominica-based Crop-EFF Insurance Company Ltd. and the Ministry of Agriculture, and the Grenada Cooperative Nutmeg Association (GCNA). This will secure the coverage of a total amount EC$7.9M for the Nutmeg and Cocoa farmers in the country.

Issac Bhagwan- Permanent Secretary in the Ministry of Agriculture outlined that the affected farmers can qualify for “Tropical Cyclone Index Payment of US $1,453,813.00 which equals to EC$3,881,680.00 under the Flexible Hurricane Protection Policy.

Considerably, as per the policy terms, the payment will be disbursed shortly. Such an amount would provide optimum support to the farmers. There are other crops as farmers produce as well which were destroyed. However, many of them do not have insurance due to which they would not qualify for the claim.

He further added that there is a need to encourage the farmers to buy the issue of crop insurance that notes the frequency and intensity of natural disasters due to the phenomenon of climate change.

The Agriculture Minister even casted light on the fact that the Ministry has been in communication with the OECS (Organisation of Eastern Caribbean States) regarding exploring insurance for other crops.

Such an initiative sets the mark of the authority’s initiative that reflects the government's ongoing efforts to provide comprehensive support for the agricultural sector. Adding to it, the Natural Disaster Fund - NDF (UK) LP has even increased its risk capacity allocation from US$3.6 million to support the Hurricane Protection programme in Grenada and Dominica for the next year, that is May 31, 2025.