The registration and enrollment of cocoa farmers into the cocoa farmer’s pension scheme have commenced in the Westen Region.
Under this scheme, cocoa farmers are expected to contribute 5 per cent of their products whilst COCOBOD tops up with 1 per cent which will be managed by a board of trustees under the auspices of the National Pension Regulatory Authority, NPRA.
The Scheme aims to ensure decent pensions for farmers and to improve their welfare, and make cocoa farming attractive to the youth.
Speaking at an outreach and enrollment program for farmers at Wassa Manso and Anomawobidi in the Mpohor and Ahanta West Districts, the Public Affairs Manager of COCOBOD FiiFi Boafo explains that a contributor is free to opt out after 5 years and enjoy full benefit, retire at 55 years, or stay on for a longer time.
” The cocoa farmer pension scheme is a scheme designed to ensure farmers benefit from their contributions to our economy. Farmers are supposed to contribute 5 per cent of their products every time they go to the cocoa shed. Cocobod will also contribute one per cent and the trustees will manage the funds on behalf of the cocoa farmers.
Farmers are supposed to contribute to age 55 but mind the fact that already there are farmers who are beyond age 55, so the arrangement is such that those who are beyond 50 are supposed to contribute for a minimum of 5 years and they can benefit from the scheme,” Mr Fiifi Boafo said.
He further reveals that over 700 farmers have been targeted for the scheme based on a survey conducted, and says he was impressed with the response from the farmers.
