Government has Launched a Pension Scheme for Cocoa Farmers in Ghana

The government has launched a pension scheme for cocoa farmers in the country. The President, Nana Addo Dankwa Akufo-Addo, has launched a pension scheme dubbed “Cocoa Farmers Pension Scheme” at a colorful ceremony in Kumasi on Tuesday, 1st December 2020

The scheme will see over  1.5 million cocoa farmers in the country contributing to a pension scheme which will guarantee retirement benefits.

The Ghana Cocoa Board (COCOBOD) was mandated, under Section 26 of the COCOBOD Law, 1984 (PNDC L.81), to establish a Contributory Insurance Scheme for Cocoa Farmers within the framework of the Social Security Scheme, so that cocoa farmers could also enjoy a well-deserved pension, upon retirement.

It is also envisaged that the Pension Scheme for cocoa farmers in the country will enable them to make voluntary contributions towards their retirement, while COCOBOD makes a supplementary contribution on behalf of the farmers.

The scheme will ensure a decent retirement income security for cocoa farmers for life and ensure that they can maintain decent livelihoods after retirement.

Since assuming office as the President of this country, Nana Akufo-Addo tasked the CEO of COCOBOD, Hon. Joseph Boahen Aidoo, to begin exploring means to institute the scheme. The National Pensions Regulatory Authority (NPRA), being the regulators of pensions in the country, was brought on board the exploration together with a Pensions Consultant, Mr. Daniel Edu Mensah, and other stakeholders to set up the Cocoa Farmers Pension Scheme to support cocoa farmers enjoy a decent pension

After the launch, cocoa farmers will be encouraged to register and enrolled unto the scheme for a rollout.

To this end, the COCOBOD and the NPRA will jointly have to vigorously embark on an education and sensitisation programme to bring all cocoa farmers as individuals and as groupings to enroll on the scheme. The COCOBOD has already embarked on a census to collect data on farmers for the Cocoa