Last Updated on January 1, 2021 by Nick Baskett
Mr Joseph Aidoo, Chief Executive Officer of Ghana Cocoa Board (COCOBOD), announced the widely anticipated Cocoa Farmers Pension Scheme is postponed until further notice.
As previously reported, the scheme was scheduled to roll out as of October 1 as part of the opening of the 2020/2021 Cocoa Season.
However, a statement by the cocoa regulator read, due to wider consultation and due diligence being carried out by the National Pensions & Regulatory Authority (NPRA), the official launch has been postponed for a short while to enable the Authority to complete its work.
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, but they will now have to wait until further notice.
Meanwhile, the new cocoa Producer Price for the 2020/21 cocoa season did take effect on the official commencement of cocoa purchases 2nd October. The price increase is a demonstration of Government’s commitment to improve the livelihood of farmers amidst the Covid-19 pandemic which has negatively affected incomes of many across the world including cocoa farmers.