The Ghana Cocoa Board (COCOBOD) has commenced the pilot phase of deducting cocoa farmers’ contributions to the Cocoa Farmers Pension Scheme, marking a historic milestone in Ghana’s cocoa sector. This initiative, which began on August 6, 2024, ensures real-time deduction of the farmers’ 5% contribution, paving the way for a nationwide rollout during the main crop season starting on October 1, 2024.
Mr. Stephen Kissi of Assin Amoani, a cocoa farming community in the Assin Fosu District, is among the first group of farmers to participate in this pioneering exercise. At 38 years old, with five years of experience and nine acres of cocoa under cultivation, Mr. Kissi expressed his excitement at being part of this landmark event. He urged his fellow farmers to participate in the pilot deduction exercise, highlighting the long-term benefits of securing a decent pension upon retirement. As a purchasing clerk, Mr. Kissi also mentioned the challenges of the light crop season, which has impacted his ability to buy more cocoa and advised farmers to keep their cocoa cards safe as they are essential for cocoa transactions.
The experience of Nana Sakyi Sampson, a 63-year-old Chief Farmer and Nana Kwaku Ani 60, from the Assin Fosu and Assin Juaso Districts, mirrors that of Mr. Kissi. On August 8, 2024, Nana Sampson became another farmer to contribute to the pension scheme after selling 21.9 kg and 29kg of cocoa, respectively. Despite the challenges of the light crop season, Nana Sampson encouraged COCOBOD to intensify sensitization efforts to ensure that more farmers join the scheme with confidence, anticipating that the main crop season will help offset any losses.
During a sensitization session at Amoani, Mr. David Asare Oduro from COCOBOD’s Public Affairs Department appealed to farmers to seize the opportunity to be part of history. He explained that for 40 years, COCOBOD has been planning to fulfil a provision in the COCOBOD Law that mandates the creation of a pension scheme for cocoa farmers nationwide. The delay, he noted, was primarily due to the need for a robust electronic register of farmers and the resolution of supply chain challenges to ensure a smooth implementation. Mr. Oduro encouraged farmers to sign up for the contributory pension scheme, emphasizing its importance for a secure retirement.
Addressing farmers’ concerns about the safety of their contributions, Mr. Oduro reassured them that structures such as the National Pensions Regulatory Authority, a Board of Trustees, Fund Managers, and Administrators, along with COCOBOD’s active involvement, provide solid protection for their funds. “These bodies should give you ample assurance that your funds are protected today and in the future,” he said.
Mr. Oduro also outlined the steps farmers need to take to ensure that deductions are seamless. He advised them to engage with the Stallion Trust Office in their region for periodic account statements and to visit the cocoa office to report any challenges with their cocoa cards. Despite challenges such as a lack of cocoa beans, app usage issues, poor internet access, and PC-related constraints, the pension deductions through the app have proceeded smoothly at depots equipped for the process.