The governing New Patriotic Party has rehashed its promise to commit cocoa farmers in the country to a pension scheme that will ensure the farmers have a better life when they retire from farming in their late years.Speaking at a press conference held at the Party’s headquarters on Monday, October 5, 2020, the Director of Communications for the NPP, Yaw Buaben Asamoa said plans and consultations are far advanced to ensure the introduction of a novel Cocoa farmers pension scheme.
“The thorny question of what happens to the aged cocoa farmer comes into play and as we speak this morning and yesterday the Chief Executive of COCOBIOD has had to speak to it. The Cocoa Pension Scheme for farmers is on. All the processes, stakeholder consultations, the trustees, everything and the regulatory requirements with the National Pensions Regulatory Authority are on track. But it is a fact, it is going to happen, our cocoa farmers are going to get pensions.” He said.
Although the coca regulatory body in the country is enjoined by Section 26 of the Ghana Cocoa Board Law, 1984 (PNDCL 81) to establish an insurance scheme for cocoa, coffee and shea nut farmers within one year of the law coming into force, the scheme is yet to see the light of day over 36 years after the passage of the COCBOD law.
As part of its effort to make farming more lucrative and beneficial to farmers, governments this year has already announced a 28.2% increase in cocoa prices for the 2020-21 crop season.