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Table 4 Cocoa farmers’ willingness to insure and the amount to pay for crop insurance

From: A double-hurdle model estimation of cocoa farmers’ willingness to pay for crop insurance in Ghana

Variable

Description

Percentage (%)

Willing to insure cocoa farms

Yes

85.4

No

14.6

Percentage of total production cost/acre/annum farmers are willing to pay as premium

10

67.80

20

17.56

30

7.80

40

6.83

Minimum premium willing to pay/acre/annum

GH¢32.10

67.80

Maximum premium willing to pay/acre/annum

GH¢128.40

40

Average amount farmers are willing to pay per acre per annum

GH¢ 49.32