Mr Joseph Aidoo, Chief Executive Officer of Ghana Cocoa Board (COCOBOD) has announced that everything is in place to implement the ‘Cocoa Farmers Pension Scheme’ for all cocoa farmers in Ghana as of October 1.
According to the COCOBOD law, the pension scheme must be fashioned within the framework of the Social Security Scheme, which is currently governed by the National Pensions Act 766.
The scheme is expected to have two tiers; The mandatory to be contributed by the regulator as per law and a voluntary top-up option for the cocoa farmer.
Cocoa farmers would benefit from lump sum payments upon reaching retirement age, monthly pension as well as total disability benefits, with additional benefits to the next of kin upon a members demise.
The National Pension Regulatory Authority (NPRA) would be the managers of the scheme. The scheme would not only care for cocoa farmers when they retire, but would guarantee the sustainability of cocoa production in the country as the youth would be attracted to cocoa farming.