The Ghana Cocobod has started piloting of it newly introduced Cocoa Farmers Pension Scheme at New Edubiase of Adansi South District in the Ashanti Region of Ghana.
The program which seeks to address the welfare of the famers was chaired by the implementation committee chairman of the COCOBOD Mr. Charles Osei Akoto.
Others were the Ashanti Regional Cocoa Extension Division Officer, Mr. Osei Kwadwo Danso and all the Adansi South District COCOBOD executives.
The Cocoa Farmers Pension Scheme is a regulated scheme sponsored by the Ghana Cocobod forthe benefit of Farmers who registers with the scheme.
The scheme would be governed by an eleven (11) member board of trustees appointed by the government of Ghana in consultation with COCOBOD.
The contribution to the scheme shall commence on 1st October 2021 in line with the commencement of the 2021 / 2022 cocoa season.
A registered farmer shall contribute 5% of cocoa sales mandatory, and also has the option of contributing 2.5%, 5% or 7.5% voluntorarly in addition to the mandatory 5% contribution.
As benefit, a farmer shall receive a lump sum equal to the balance in the personal saving account. Also a farmer shall receive pension payments from the retirement account which is guaranteed for 15 years.
Every registered farmer shall be required to nominate one or more beneficiaries who would receive benefits when the farmer passes on.
Adansi South District