Cocoa farmers in world’s second-largest producer, Ghana, will soon benefit from a new pension scheme aimed cushioning them during old age, the country’s Vice President, Dr. Mahamudu Bawumia has said.
The Vice President explains that the government was working around the clock to introduce the pension scheme for all cocoa farmers in the country before the end of this year. He said the scheme will also benefit all persons in the cocoa value chain.
Dr. Bawumia disclosed this when he joined the people of Nsein in the Nzema East Municipality of the Western Region, a major cocoa growing area, to celebrate their annual festival called the Kundum Festival.
He stated that it was high time cocoa farmers got the support they deserved for contributing immensely to the country’s economic development.
“We are working on a pension scheme for cocoa farmers. It will be the first ever cocoa pension scheme for cocoa farmers. There is work going on seriously to try to launch it this year,” he said.
“The scheme will ensure that all workers in the cocoa value chain benefit from a pension scheme so that upon retirement, these hardworking people, who have kept Ghana in the global limelight will have something to sustain them. This project is directly in line with the government’s vision for enhancing financial inclusion,” he added.
The lack of such initiatives, among other factors, are the driving factors motivating some cocoa farmers, particularly in the Western Region to sell off their cocoa farms to illegal miners, who offer huge sums of money for their lands.
The scheme if well implemented, will also be a motivation for Ghana’s youth to take up cocoa farming to augment the falling production levels of the commodity.