President Akufo-Addo opening the factory
President Nana Addo Dankwa Akufo-Addo yesterday launched a pension scheme for about 1.5 million famers in the cocoa sector; the first time such a scheme is being done on a large scale.
According to President Akufo-Addo, “the Pension Scheme will enable cocoa farmers to make voluntary contributions towards their retirement, while COCOBOD makes a supplementary contribution on behalf of the farmers as well.”
He said the scheme would “guarantee a decent retirement income for cocoa farmers for life, and ensure that they can maintain decent livelihoods after retirement.”
Launching the Pension Scheme at the Jubilee Park in Kumasi, as part of his campaign tour of the Ashanti Region, President Akufo-Addo said the millions of cocoa farmers across the country were responsible for the production of a crop that had, for over a century, been the mainstay of the economy of the country, but they (farmers) had been neglected.
In recognition of their hard work, the Ghana Cocoa Board (COCOBOD) was mandated, under Section 26 of the COCOBOD Law, 1984 (PNDC L.81), to establish a Contributory Insurance Scheme for Cocoa Farmers within the framework of the Social Security Scheme, so that they could also enjoy a well-deserved pension upon retirement.
Unfortunately, successive governments, for various reasons, were unable to implement this law, much to the disapproval of cocoa farmers who continued to make demands for the establishment of the “Cocoa Farmers Pension Scheme.
“As candidate Akufo-Addo, in the run-up to the December 2016 elections, I made a solemn pledge to cocoa farmers that, if Ghanaians reposed their confidence in me, and I won the election of 2016, my government would establish the pension scheme for them, not just in fulfilment of the legal requirement, but also in line with government’s plans to improve the living standards of cocoa farmers in Ghana,” he said.
Upon his assumption of office, the President tasked the CEO of COCOBOD, Joseph Boahen Aidoo, to begin to work earnestly with the National Pensions Regulatory Authority (NPRA) and other stakeholders to set up a Cocoa Farmers Pension Scheme to support cocoa farmers to enjoy a decent pension.
“Through the shared determination and expertise of those I put in charge to ensure the establishment of the scheme, both the legal framework and the technical structures have been put in place for the smooth take-off of this all-important scheme,” he said.
To ensure the successful rollout of the scheme, COCOBOD is embarking on a census to collect data on farmers for the Cocoa Management System (CMS), adding that “the CMS will hold a robust database of all cocoa farmers in the country and track their contributions. It will also facilitate the prompt payment of claims to beneficiary farmers.”
President Akufo-Addo entreated all cocoa farmers to sign on to the Cocoa Farmers Pension Scheme, in order to enjoy the full benefits of the scheme.
Living Income Differentials
Since assuming office, President Akufo-Addo and his counterpart Alassane Ouatarra of Cote d’ Ivoire have pushed for the process to put more money into the pockets of cocoa farmers through the implementation of Living Income Differential (LID).
Ghana and Cote d’Ivoire produce 65% of world’s cocoa and the LID has come to shore up the income of cocoa farmers following the drop in cocoa prices recently.
With over two million tonnes of cocoa produced every year between both countries, each cocoa farmer was expected to go home with $400 extra income on each tonne of cocoa.
Another 1D1F
Later in the day, the President, assisted by Asantehene Otumfuo Osei Tutu II, commissioned another industrial facility as part of the NPP Government’s 1District 1factory (1D1F) initiative called Bodukwan Multi-Fruit processing Factory located in Sabin in Antwima-Kwanwoma.
The fruit processing plant, which has an installed capacity of 72 metric tonnes per day, will process seven varieties of fruits and vegetables including mango, pineapple, watermelon and tomatoes into concentrates for exports and for use on the domestic market.
It is said to be cooperation between the Asantehene, Ghana Exim Bank Limited and the Ministry of Trade and Industry; and expected to provide direct employment for over 100 people and generate over 1,000 indirect opportunities for the youth and other job seekers.
President Akufo-Addo said the 1D1F programme had so far created about 140,000 jobs out of the 76 operational factories with 107 which were under construction.
President Akufo-Addo used the opportunity to mention some of the 1D1F factories he had personally visited as part of his regional tours since 2018, including the Ekumfi Fruit Juice Factory in Ekumfi District; Kasapreko Beverages Limited in Kwadaso Municipal; Birim Oil Mills Limited in Kwaebibirem Municipal; Casa de Ropa Limited in Gomoa West District; Motor King in Tamale Metro; Leefound Company Limited in Ningo Prampram District; and Springs & Bolts Limited in Asokwa Municipal.
The others are Keda Ceramics Limited in Shama Municipality; Atebubu-Amantin Agro Processing in Atebubu Amantin Municipal; Weddi Africa Limited in Berekum Municipal; Best Fertilizer Company Limited in Asante Akim South Municipal; Rhovanni Royale Limited in Tano South; Rider Iron and Steel Ghana Limited in Asante Akim Central Municipal; Vester Oil Mills in Bosomtwe District; and Agro Africa Limited in Asante Akim South Municipal.
“We are Transforming our nation, we are not selling factories, we are building factories in Ghana,” President Akufo-Addo said to a rapturous applauds.
From Charles Takyi Boadu & I.F. Joe Awuah Jnr., Kumasi