The Ministry of Tourism Arts and Culture says it has developed a Creative Arts Insurance Scheme for practitioners of the industry.

The scheme is to help cushion Creative Arts members financially in times of difficulty, the sector Minister Babara Oteng Gyasi said at a 'Meet The Press'.

According to her, although the arts contribute greatly to the country’s economy, its members are often faced with financial difficulty, especially in their old age.

“Currently most Creative Arts practitioners are not covered by any risk mitigation measures during critical times such as injury, ill health or old age and loss of production equipment due to certain circumstances or when accidents occur.”

“This is partly due to the fact that artiste are not salaried workers but rather ply their trade mostly on a contractual basis.”

Mrs Oteng Gyasi said the Creative Arts Insurance Scheme tailored to the needs of the players will provide them with life insurance or similar investment products.

It will also “provide bespoke insurance products and cover personal injury, damage and theft.”

She revealed that the Ministry is hoping to launch the scheme before the year ends and will be implemented in January 2020.

According to the Minister, the first year premium will be funded by government and subsequently by self-payment by members from 2022.

In addition, only Creative Arts persons registered with the Ministry's agencies will benefit from the insurance scheme.