COCOBOD has begun sensitising cocoa farmers in the Western Region on the importance of the newly introduced Cocoa Pension Scheme for the Ghanaian cocoa farmer.
The Pension Scheme is a three tier scheme and would be under the supervision of the National Pension Regulatory Authority (NPRA).
The cocoa farmers would contribute a minimum of five percent anytime they visit cocoa sheds to sell their produce. COCOBOD would also contribute one percent in support of the scheme that is being managed by the Trustees.
At a sensitisation exercise at Tarkwa, Wassa Manso and Anoma Wobedi, which are all cocoa farming communities, the Head of Public Affairs of COCOBOD, Fiifi Boafo, explained the significance of the Pension Scheme to the farmers.
He explained that the importance of the Scheme was to ensure that farmers benefit from their contribution to the economy.
Mindful of the fact that most cocoa farmers were beyond the age of 50 years, the arrangement was such that, those beyond 50 years would contribute for a period of 5 years, after which they would be entitled to reap their contributions.
However, the contribution would last for a minimum of 15 years for farmers who are far below the age of 50 years.
After contributing for 15 years, the Head of COCOBOD Public Affairs explained that the contributor would be entitled to recoup his investment.
According to Fiifi Boafo, the Scheme has a clause, where in times of difficulty, the contributor could withdraw a portion of his contribution to attend to emergency cases, such as payment of school fees and health matters amongst others.
In the event of death, the beneficiary of the contributor would have the opportunity to also reap the benefits.
“It’s impressive and apart from questions about the sustainability of the Scheme, farmers do not have doubt about the scheme”, Fiifi Boafo told journalists.
For instance, he mentioned that in Ashanti Region, 90% of the cocoa farmers have decided to join the scheme. COCOBOD is expecting to register about 800 thousand cocoa farmers for the Pension Scheme.
“It is ongoing, the Cocoa farmers Pension Scheme has come to stay and will serve the farmers until there is no need for pension.
“It is imperative we put in place this Scheme that will ensure farmers have different life after retirement. Most farmers fail to go on retirement because of the realisation that there is nothing to fall on,” he said.
In all the cocoa farming communities that the COCOBOD Team visited for the sensitisation exercise, one thing was clear – the farmers are ready for the Pension Scheme.
At WassaManso, the cocoa farmers applauded COCOBOD for the introduction of the Pension Scheme.
During an open forum, they asked questions bordering on who would manage the scheme and how the scheme would fare in the likely event of a change of government.
Nana Kofi Opoku, chief farmer at WassaManso, entreated cocoa farmers in the area to go all out and register for the scheme.
At AnomaWobedi in the Ahanta West Municipal, the cocoa farmers also welcomed the scheme and urged COCOBOD to speed up the start of the scheme.
Opayin John Kwame Dwinzamereye, a farmer, used the occasion to appeal to COCOBOD to help put their road in shape.
According to him, the road to the area is in a deplorable state and becomes worse during the raining season.
He said the area produces about 1000 bags of cocoa for the economy and there is the need for government to attach importance to the cocoa community.
