The Ghana Cocoa Board and the Government of Ghana have rolled out the Phase One of the Cocoa Farmers Pension Scheme, with a call on farmers to register and enrol onto the scheme to enable them benefit from it on retirement.
The scheme is designed to ride on the back of the Cocoa Management System (CMS) and would start in the Ashanti and Western South regions, where the CMS exercise has been a success.
Mr. Daniel Aidoo Mensah, manager of the Trustees of the scheme explained that, the Cocoa Farmers Pension Scheme is a regulated scheme sponsored by the Ghana Cocoa Board and the Government of Ghana for the sole benefit of Registered Cocoa Farmers and their beneficiaries.
He stated that it is compulsory for all registered cocoa farmers in Ghana who are issued with the Cocoa Card.
He said, the Scheme is aimed at ensuring a decent pension for cocoa farmers, improving their welfare and making cocoa farming attractive to the younger generation, for the sustainability of the cocoa sector.
Mr. Mensah explained that there is no specific entry age to sign on to the Scheme, adding that the only requirement is to be registered as a Cocoa Farmer with a Cocoa Card issued by COCOBOD through the Cocoa Management System (CMS) Team.
He noted that a registered cocoa farmer must complete an Enrolment Form to indicate his/her Nominated Beneficiaries and elect Additional Voluntary Contribution prior to the sale of his/her cocoa produce.
Mr. Aidoo mentioned that a registered farmer is required to make a mandatory contribution of 5% of his/her produce while Cocobod pays a minimum top-up contribution of 1% of the farmers’ produce.
He said the farmer, as an option, may elect to make an additional Voluntary Contribution ranging from two and a half to 10% of his/her produce, adding that the farmer’s contribution shall be deducted from the proceeds of his/her produce at the point of sale.
He disclosed that 25% of the farmer’s total contribution would be credited to the Personal Savings Account and the remaining 75% would be credited to the Retirement Account, established for each individual farmer.
The manager disclosed that at the beginning of each cocoa purchase season the farmer must provide the Cocoa Card as proof of registration in order to be allowed to sell his/her produce to the Purchasing Clerk.
He said the Purchasing Clerk (PC) scans the farmer’s cocoa card number into the Cocoa Purchase App installed on the PC’s mobile phone to access the farmer’s record in CMS.
