Pension Scheme

COCOA FARMERS PENSION SCHEME IS FINALLY LAUNCHED

On Tuesday, 1 December 2020, the President of Ghana, Nana Akufo-Addo launched the cocoa farmers pension scheme.

The scheme was reported by us originally to roll out from October but was then shortly announced that it would be postponed.

The scheme will benefit 1.5 million cocoa farmers, President Akufo-Addo said,

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.

This guarantees a decent retirement income for cocoa farmers for life, and ensures that they can maintain decent livelihoods after retirement.

President Addo
COCOA FARMERS PENSION SCHEME IS FINALLY LAUNCHED 5

President Akufo-Addo said there are millions of cocoa farmers across the country who are responsible for the production of a crop for over a century, and has been the main contributor to the economy for the country.

The launch of the pension scheme was held at the Jubilee Park in Kumasi, as part of his 3 day tour of the Ashanti Region.

To show recognition for the farmers 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 benefit a pension, upon retirement.

The scheme, for various reasons were unfortunately unable to do this through succesive governments, much to the disapproval of cocoa farmers who continued to make demands for the establishment of the ‘Cocoa Farmers Pension Scheme’.

Until, in the run-up to the December 2016 elections, President Akufo-Addo made a solemn pledge to cocoa farmers that, if the Ghanaian people reposed their confidence in him, and if he won the election of 2016, under his rule of government, he 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.

To fulfill his duties, the President tasked Mr Joseph Aidoo, CEO of COCOBOD, to begin to work with the National Pensions Regulatory Authority (NPRA) and other stakeholders to set up a Cocoa Farmers Pension Scheme.

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 asks all cocoa farmers to sign on to the Cocoa Farmers Pension Scheme, in order to enjoy the full benefits of the Scheme.

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