COCOBOD ROLLS OUT PHASE ONE OF THE COCOA FARMERS PENSION SCHEME

Ghana COCOBOD has rolled out the first phase of the COCOA Farmers PENSION Scheme. The first phase would be implemented in Ashanti and Western South Regions.

President Akufo-Addo launched the Cocoa Farmers Pension Scheme in October 2021.

It was the hope of Cocoa farmers to see the Scheme rolled out immediately but that was not due to what COCOBOD has described as bottlenecks.

Chairman of the Board of Trustees of the Cocoa Farmers Pension Scheme Daniel Aidoo Mensah mentioned the lack of credible data on Cocoa Farmers in the country and modalities of how the Scheme would run as a major challenge which delayed the rollout.

However after the Cocoa Management System started registering Cocoa farmers, a test run of the Scheme was done in New Edubiase, Juaboso, Bekwai and Tepa for a nationwide rollout.

The first phase of the pension scheme being implemented in two Cocoa regions would cover 15 Cocoa districts and subsequently roll out to all 55 cocoa districts in the country.

Under the Scheme, Cocoa farmers would contribute five per cent of their sales and the government would support them with one per cent of entire cocoa sales.

Addressing the media in Kumasi on the first phase, the Chairman asked cocoa farmers to avail themselves of registration to enjoy the benefits of the Pension scheme.

Unlike other Pension schemes, the Cocoa Farmers Pension Scheme has no age limit.

Aged Contributors after five years could retire and enjoy the benefits while young farmers could retire at 55 years and claim their benefits.

By uniquenewsgh.com