Pension for cocoa farmers to be rolled out in 2018

The scheme, which was originally proposed in the COCOBOD Act of 1984 but was never implemented, will start operating in 2018.

The scheme, which was originally proposed  in the COCOBOD Act of 1984 but was never implemented, will start operating in 2018.

This was made known by the Chief Executive Officer of the National Pensions Regulatory Authority, Hayford Atta Krufi.

He told Citi News that his outfit is processing data of coca farmers in the country, one of the key features that delayed the implementation of the pension scheme for the farmers.

“After the next cocoa season, this pension scheme will be in place; that is the time table that we are following so today’s meeting marks the beginning of a process that we hope that within one year will come into completion so that we can have a pension scheme in place for our cocoa farmers," he said.

“There is data and as I indicated the various license buying companies have got their own data but there is the multiplicity of it, so what COCOBOD is doing now is to collate all the data and then do the disseminations”, he explained further.

“So COCOBOD is in the process of collecting the entire country’s farmer’s data and that is the scheme upon which the pension scheme is going to be built," he concluded.

Speaking at the 2017 celebrations of Kundum Festival for the people of Nsein in the Nzema East Municipality of the Western Region in September, Vice President Dr. Mahamudu Bawumia, had said the scheme will also benefit all persons in the cocoa value chain.

He noted that “we are working on the pension scheme for cocoa farmers. It will be the first ever cocoa pension scheme for cocoa farmers. There is work going on seriously to try to launch it this year.”

“The scheme will ensure that all workers in the cocoa value chain will benefit from a pension scheme so that upon retirement, these hardworking people, who have kept Ghana in the global limelight will have something to sustain them. This project is directly in line with the government’s vision for enhancing financial inclusion,” he added.

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