The Cocoa Farmers Pension Scheme is akin to a tier 3 pension
The registration and enrolment of cocoa farmers onto the Cocoa Farmers Pension Scheme have begun in earnest in the Western Region with many farmers rushing to be registered.
COCOBOD, the agency for buying the cocoa pod, is enjoined by Section 26 of the COCOBOD law, 1984, PNDC law 81 to establish a contributory insurance scheme within the framework of the Social Security Scheme to enable Cocoa farmers to enjoy well-deserved Pension after retirement.
The Cocoa Farmers Pension Scheme is akin to a tier 3 pension as has been established in the country.
Under the scheme, cocoa farmers who are registered, are expected to contribute five per cent of their produce while COCOBOD tops it up with one per cent which will be managed by a Board of Trustees under the remit of the National Pensions Regulatory Authority (NPRA).
The scheme seeks to ensure a decent pension for farmers, improve their welfare and make cocoa farming attractive to the youth.
Speaking at an outreach and enrolment programme for farmers at Wassa Manso in the Mpohor District, Anoma Wo Bi Di in the Ahanta West District and Tarkwa, all in the Western Region, the Public Affairs Manager of COCOBOD, Mr Fiifi Boafo, explained that, a contributor may opt-out after five years and enjoy full benefits, retire at 55 years or stay on for a longer time.
Mr Boafo, impressed by the farmers' interest, said that over 700 cocoa farmers are expected to enrol on the scheme.
Some of the farmers speaking in an interview with Class 91.3 FM commended the government and COCOBOD for thinking about the welfare of cocoa farmers in the country.
