The establishment of the cocoa farmer’s pension scheme is a long-awaited dream for the 1.5 million cocoa farmers across the country.
The Ghana Cocoa Board (COCOBOD) was tasked, under Section 26 of the COCOBOD Law, 1984 (PNDC L.81), to establish a Contributory Insurance Scheme for Cocoa Farmers within the framework of the Social Security Scheme. The intention is to ensure that cocoa farmers also enjoy a well-deserved pension, upon retirement.
The scheme was launched in December 2020, thirty years after the promulgation of the law. Its main objective is to aid cocoa farmers to have decent income security after retirement as well as ensure they have sufficient funds to take care of themselves in times of ill health or incapacitation.
The diagram below illustrates how the Ghana Cocoa farmers’ pension scheme works.
