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Business News for Wednesday, December 2, 2020
Source: www.ghanaweb.com
2020-12-02
The pension plan will allow cocoa farmers to make voluntary contributions for retirement.
The Concerned Farmers Association of Ghana (CFAG) says it is elated with the recently launched cocoa pension scheme for farmers across the country.
This comes after President Akufo-Addo launched the scheme for some 1.5 million farmers to allow them to make voluntary contributions towards their retirement, while COCOBOD of Ghana makes a matching contribution on their behalf.
Nana Oboadie Boateng Opambour, president of the Association, told Citi Business News that the scheme must work to reverse the existing trend in which young people are avoiding farming.
“It is even going to encourage young people to enter the cocoa sector because they know that unlike in the past, they will at least receive a pension like other workers in the formal sector. However, the fundamental thing is that we are going to manage it and manage it well. We need an independent body to ensure that this plan is successful. “
Launching the plan at Jubilee Park in the Ashanti region on Tuesday, December 1, President Akufo-Addo explained that the plan guarantees a decent retirement income for cocoa farmers for life, ensuring that they can sustain means decent living after retirement.
However, he implored all cocoa producers to enroll in the Cocoa Producers Pension Plan to enjoy all the benefits.
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