Cocoa Pension Scheme launched to secure better future for farmers
President Nana Addo Dankwa Akufo-Addo yesterday launched a pension scheme for the country’s 1.5 million cocoa famers.
He said the pension scheme would enable cocoa farmers to make voluntary contributions towards their retirement, whilst COCOBOD makes a supplementary contribution on behalf of the farmers.
This, he explained, “guarantees a decent retirement income for cocoa farmers for life, and ensures that they can maintain decent livelihoods after retirement.”
Backbone of economy
President Akufo-Addo said there are millions of cocoa farmers across the country who are responsible for the production of the crop that has, for over a century, been the mainstay of the economy of the country.
In recognition of their hard work, 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 they could also enjoy a well-deserved pension upon retirement.
Unfortunately, successive governments were unable to fulfil this, much to the disapproval of cocoa farmers who continued to make demands for the establishment of the “Cocoa Farmers Pension Scheme”.
“As candidate Akufo-Addo, in the run-up to the December 2016 elections, I made a solemn pledge to cocoa farmers that, if the Ghanaian people reposed their confidence in me, and I won the election of 2016, my government would establish the pension scheme for them not just in fulfilment of the legal requirement, but also in line with Government’s plans to improve the living standards of cocoa farmers in Ghana,” he said.
NPRA
Upon his assumption of office, the President tasked the CEO of COCOBOD, Joseph Boahen Aidoo, to begin to work earnestly with the National Pensions Regulatory Authority (NPRA) and other stakeholders to set up the Cocoa Farmers Pension Scheme.
“Through the shared determination and expertise of those I put in charge to ensure the establishment of the scheme, both the legal framework and the technical structures have been put in place for the smooth take-off of this all-important scheme,” he said.
He said to ensure the successful rollout of the scheme, COCOBOD is embarking on a census to collect data on farmers for the Cocoa Management System (CMS), adding “the CMS will hold a robust database of all cocoa farmers in the country, and track their contributions. It will also facilitate the prompt payment of claims to beneficiary farmers.”
President Akufo-Addo entreated all cocoa farmers to sign on to the pension scheme in order to enjoy the full benefits.
About The Author
