COCOBOD’s Pension Scheme Brings Hope to Cocoa Farmers in Mpohor and Ahanta West Districts

Cocoa farmers in Anomawobidi and Wassa Manso in the Mpohor and Ahanta West Districts of the Western region have welcomed the Ghana Cocoa Board’s (COCOBOD) new pension scheme project. The scheme, which is being piloted in the Ashanti Region, aims to provide a retirement plan for registered cocoa farmers, benefiting about 800,000 farmers.

The farmers had a separate engagement with Mr Fiifi Boafo, the Head of Public Affairs, COCOBOD, to discuss the scheme’s registration modalities, processes, and benefits for farmers under the Cocoa Management System. Some farmers expressed their appreciation for the initiative, which they believe would give them relief in their old age.

While they appreciated the initiative, the farmers wished that COCOBOD would put in place management systems that ensure the scheme’s sustainability regardless of the government in power. Mr Vincent Fynn, a cocoa farmer, pleaded for a school policy to enable farmers to access scholarships for their children’s education, as many cannot afford it due to financial constraints.

According to Mr Boafo, a five per cent contribution would be deducted from every bag of cocoa sold at the depot, and the government and COCOBOD would add one per cent to support the scheme. The National Pensions Regulatory Authority (NPRA) has already developed the modalities, with nine trustees in place to ensure the prudent management of the scheme.

Each contributor will be entitled to a lump sum and monthly benefits at retirement age, and the cocoa registration card will serve as the basis for membership. Mr Boafo encouraged farmers to sustain their enthusiasm for the successful rollout of the scheme.

Despite the scheme’s potential benefits, some farmers also raised concerns about poor road networks, lack of potable water and electricity in their communities. Mr Benedict Ghansah, another farmer, called on COCOBOD to redeem their promise to help address these issues.

In conclusion, the pension scheme project by COCOBOD has brought hope to cocoa farmers in the Mpohor and Ahanta West Districts, but there is a need for government intervention to address other challenges faced by the farmers.