Farmers in the Western Region, have welcomed the cocoa farmers’ pension scheme, being piloted by the Ghana Cocoa Board (COCOBOD).
The cocoa farmers from Anomawobidi and Wassa Manso, in the Mpohor and Ahanta West Districts of the region, expressed their willingness to register for the scheme.
The farmers on Thursday, met Head of Public Affairs, COCOBOD, Mr Fiifi Boafo, at Anomawobidi and Wassa Manso, to discuss modalities and processes of registration for the scheme that is under the Cocoa Management System.
Mr Boafo said that farmers’ participation towards the scheme was impressive, and that “At all places, so far, farmers have no doubt about the scheme and are contributing to the scheme. It’s imperative, we have set up the scheme to ensure farmers have a decent life after retirement”.
He explained that five percent of the amount of a bag of cocoa (sold at depot) would be deducted, after which government would deduct one percent to support the scheme.
MrBoafo said “For example, if a bag of cocoa is GHC800, five percent will give you GHc40.00. This is what would be set aside for it to grow so that in times of old age you can benefit from a lump sum for 15 years. The fund would be regulated and bounded by law and no government can change it.”
The National Pensions Regulatory Authority (NPRA), he said, had already developed the modalities, adding that nine trustees would ensure prudent management of the scheme.
The ultimate goal is to provide life security for organised cocoa farmers in time of their old age, Mr Boafo said, adding that “cocoa farmers may have a year on year withdrawals to also meet pressing needs.”
He said”Each contributor is also entitled to a lump sum and monthly benefits at the ripe age of the scheme. We are using the cocoa registration card as basis for membership and you should be a cocoa farmer to benefit from the pension scheme.
“Additionally, the cocoa card is what will be used for the distribution of farm inputs. Farmers, who have not yet registered should do so. This is not about NPP or any political party. The tier 3 scheme is managed by trustees to ensure transparency and good governance.”
Mr John Kwame Dwendwendzamaye, a chief farmer, asked COCOBOD to step up education on the scheme.
He suggested that the fund should involve health insurance, and the building of cocoa clinics at farming gates.
Launched at New Edubiase, in the Ashanti Region, in August, 2021, the scheme when operational, would target at least 800,000 registered cocoa farmers, who would benefit from a retirement plan, to promote their welfare.
FROM CLEMENT ADZEI BOYE, ANOMAWOBIDI
