The pilot deduction of farmers’ 5% contribution under the Cocoa Farmers’ Pension Scheme (CFPS) has kicked off at Assin Foso, Assin Bereku and New Edubiase to allow cocoa farmers enjoy the benefits for decent living after retirement.
President Nana Addo Dankwa Akufo-Addo launched the CFPS in December 2020, aimed at guaranteeing decent pension for cocoa farmers in Ghana to have a good living standard after pension.
Mr David Asare Oduro, of the Corporate Affairs Department of Ghana Cocoa Board (COCOBOD), said the rollout fulfils a provision in the Ghana Cocoa Board Law 1984 (PNDC L.81) which mandates the Board to set up a contributory pension for cocoa farmers.
At a meeting with cocoa farmers at the Assin Amoani to further explain the CFPS to them, Mr David Asare said the scheme required that five per cent on every sale of cocoa is deducted and transferred into the pension account while COCOBOD adds one per cent as its contribution.
He noted further that age is not a barrier to signing up and stressed that after five years of continuous contribution, a contributor is eligible to retire on the Scheme.
Mr Asare however advised the younger generation of farmers to stay on the scheme for more years for a better pension.
According to him, the deduction, will be executed by purchasing clerks through an App installed on their phones but will be managed by various entities engaged by COCOBOD. He noted that the scheme is regulated by a 10-member Board of Trustees, which comprises four distinguished cocoa farmers.
He asked farmers to cooperate with enumerators from COCOBOD who would soon be deployed to their communities to support sensitization and enrolment efforts to ensure that all cocoa farmers are onboarded onto the scheme to enable them enjoy a decent pension.
Mr Stephen Kissi, a cocoa farmer at Assin Amoani, in an interview with the Ghana News Agency said, the CFPS is a good news as it would help cocoa farmers to enjoy the same privilege as government workers when they retire from active farming.
Another cocoa farmer, Mrs Akosua Manua appealed to all cocoa farmers to get on board to also enjoy the benefits offered under the pension scheme.