Fiifi Boafo explaining the scheme to the farmers
Cocoa farmers in the Western Region have hailed the introduction of a pension scheme aimed at giving cocoa farmers a befitting retirement package.
The Ghana Cocoa Board (COCOBOD) rolled out the Cocoa Farmers Pension Scheme with a target of getting onboard about 800,000 cocoa farmers.
According to the farmers, the scheme was long overdue indicating that the initiative would make them work harder to increase their yields.
This came to light when officials from COCOBOD visited cocoa farmers in some farming communities in the Western Region to explain the initiative to them and the need for them to join.
Addressing the farmers at Wassa Manso and Anomawobedzi, COCOBOD Communications Director, Fiifi Boafo, indicated that the move would help provide a decent pension for cocoa farmers.
He explained that a registered farmer would make a mandatory contribution of five per cent of his or her produce, while COCOBOD pays a minimum top-up contribution of one per cent of the farmers’ produce.
He pointed out that the funds would be managed by trustees on behalf of the cocoa farmers.
Mr. Boafo further noted that the farmers are supposed to contribute to the scheme until age 55 after which they would receive a lump sum and have a minimum of 15 years to benefit in terms of monthly pension benefits.
He, however, noted that if a farmer dies before the end of 15 years, his or her beneficiary would continue to benefit.
“But we are mindful of the fact that already there are farmers who are 55 years and above. So the arrangement is that farmers who are beyond 50 would have to contribute to the scheme for a minimum of five years to benefit from it”, he added.
He noted that two accounts would be created with the scheme. One of the accounts would operate throughout the period while the other would support the farmers in critical situations.
Mr. Boafo therefore entreated the cocoa farmers to avail themselves to be enrolled onto the scheme.
From Emmanuel Opoku, Wassa Manso