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The Ghana Cocoa Board (COCOBOD) has introduced the Cocoa Farmers Pension Scheme (CFPS) to provide cocoa farmers with a reliable pension and improve their welfare. The initiative follows the successful piloting of the scheme in August 2021 in New Edubiase and other districts in the Ashanti Region, using the Cocoa Management Systems (CMS).
The CFPS operates on the principle of contributions from the farmers, similar to government and private sector workers. Farmers who enroll in the scheme will contribute 5% of their bean sales, with the government contributing an additional 1%. According to Chairman of the Board of Trustees of CFPS, Daniel Aidoo Mensah, about 90% of registered cocoa farmers have already signed up to the scheme, an indication of their willingness to secure a comfortable retirement.
Mr. Mensah noted that farmers of any age are eligible to enroll, and contributors may retire after five years. However, younger farmers are encouraged to sign up as it is more advantageous for them to join the scheme early and maintain their contributions. Young farmers can retire at age 55 or at a later date of their choice, while any farmer may choose to retire after five years of being on the scheme.
The CFPS will operate through purchasing clerks and will be regulated by the National Pensions Regulatory Authority. The 10-member Board of Trustees, which includes four cocoa farmers, will oversee the scheme’s governance. Mr. Mensah urged all farmers who have not yet enrolled to do so and take advantage of this historic initiative, as the benefits are significant and satisfying.
