Cocoa Farmers Pension Scheme in operation

The Minister for Food and Agriculture, Dr Owusu Afiriyie Akoto has told Parliament that, the cocoa farmer's pension scheme has been implemented and effective.

He explained that the Scheme since October 1, 2021, is currently on a pilot basis with 2,800 registered farmers in the new Adubease cocoa District in the Ashanti region.

Dr Akoto further said the scheme is open to persons who are registered farmers of the COCOBOD with a mandatory contribution of five per cent (5%) annual deduction from cocoa sales at source and a mandatory COCOBOD contribution of at least one to five per cent annual top-up from each registered farmers.

He explained that a registered member shall have the option to make additional voluntary contributions into his or her account by deduction at source at the point of sales bonus.

The Agric Minister further told that the retirement date for members is five years (5years) after the date of enrollment or the 55th year birthday anniversary, whichever comes first adding that the payment of retirement benefits is in two forms; 25 per cent is paid to the person's personal account to be used for payment of medical bills, school fees and primary or basic needs whilst the remaining 75 per cent is paid to the retirement account to provide benefit during retirement.

The response of the Minister came up when the Member of Parliament for Nsawam Addoagyiri, who doubles as Majority Chief whip,  Frank Annor Domoreh asked the Minister on the current state of the Cocoa farmers pension scheme.