The recent event held in Senegambia focused on safeguarding vulnerable populations and enhancing government investments in the agricultural sector, particularly in the realm of food security.
Pa Ousman Jarju, representing the ARC program in The Gambia, emphasised that "this initiative is integrated within the Africa Integrated Climate Risk Management Program, supported by the Green Climate Fund, the African Development Bank, the World Food Programme, and the African Risk Capacity."
He said the first component includes risk preparedness, risk reduction, and risk transfer. The African Risk Capacity (ARC) is partnering with the World Food Programme (WFP) to concentrate on the third aspect, primarily emphasising sovereign risk transfer. “This is where the ARC will be directing most of its efforts," he stated.
He further emphasised that the program includes essential elements for risk reduction. “Crucially, it aims to support the country in managing risk financing by covering the premium costs, while also focusing on capacity building and developing effective insurance risk transfer strategies and financial solutions.”
Mr. Mawdo Amadou Jallow, the Government Coordinator for the African Risk Capacity, stressed that The Gambia embarked on its journey with the ARC in 2014 by signing the Pre-Participation Memorandum of Understanding. This agreement set the stage for the country's entry into the risk pool in 2015.
“Gambia made a pivotal decision to invest in the African Risk Capacity (ARC) by purchasing premium insurance coverage. Since that moment, efforts to enhance the ARC program in the country have progressed significantly. The Technical Working Group (TWG), which was established for this purpose, has been diligently customising the African Risk Pool annually.”
“This innovative software engine forecasts and visualises potential drought scenarios and severe weather events, ensuring that Gambia is well-prepared for any eventualities. Specifically during drought conditions, as this is the model we are actively advocating for within the country."
He further added: “The government's commitment to this entire program stems from its duty to safeguard the lives and livelihoods of the people it is dedicated to serving. To address vulnerabilities effectively, the government has opted to invest in insurance with the ARC since 2015.”
“Gambia has actively engaged in all pools, and in 2022, we received a payout—though modest, it amounted to a replica portfolio of US$332,000. Half of this was allocated to the World Food Programme (WFP) to support complementary initiatives alongside the government’s ARC program, which involved cash transfers.”
Similarly, he went on, WFP initiated a cash transfer program in the same communities, targeting different groups simultaneously.
Freddie Kaku, Regional Engagement Manager for West and Central Africa, said ARV is here to customise and to be able to update the risk profile of the country and ultimately to get the country into the risk pool of ARC.
