A Risk Management Framework for Catfish Farming in Ghana
DOI:
https://doi.org/10.47941/jap.2422Keywords:
Catfish Farming, Risk Management, Aquaculture, Financial Risk, Sustainability, Water Quality Management.Abstract
Purpose: The growth of the catfish farming industry in Ghana has created opportunities for economic advancement and food security; however, significant risks threaten its sustainability. This study aims to propose a comprehensive risk management framework specifically tailored for catfish farming in Ghana, addressing production and financial risks.
Methodology: Data was collected from 120 respondents at Catfish Adwoa Atta Farms. The study analyzed production risks such as disease outbreaks and poor water quality, alongside financial risks including market fluctuations and limited access to credit.
Findings: The research revealed that production risks account for 40% of total yield losses, with disease-related mortality causing 25% of these losses. Financial risks were also prominent, with 21% of respondents reporting a profitability decline of over 20% due to limited access to financial support.
Unique contribution to theory, practice, and policy:The proposed framework integrates modern technologies such as IoT sensors for water quality monitoring, structured contract farming, and government-backed insurance schemes. Pilot testing in regions like the Volta and Ashanti regions is recommended to evaluate its effectiveness. Implementation of the framework could significantly enhance the resilience of catfish farms, reduce production losses, and improve profitability, positioning Ghana’s aquaculture sector as a model for sustainable development.
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