The National Pension Regulatory Authority (NPRA) held a stakeholders forum to deliberate on how to establish a pension scheme for Cocoa Farmers under the 3 – Tier Pension Scheme. The National Chief Cocoa Farmer and the Regional Chief Cocoa farmers across the Nation participated in the dialogue.
The Deputy Minister of Employment and Labour Relations, Hon. Bright Wireko Brobby in his key – note address emphasized that Pension for Cocoa farmers is long over due as stipulated in section 26 (1) of the Ghana Cocoa Board Law 1984 (PNDC 81),which states that “the board shall within one year after coming into force of this law establish a contributory insurance scheme for cocoa , coffee and sheanuts farmers within the frame work of the Social Security Scheme, however this has not been possible over the years.
He said that the informal sector of which Cocoa farmers are part contribute to the Gross Domestic Product (GDP) and job creation potential.
“It is estimated that the agricultural sector which is a major contributor to Ghana’s economy accounts for 45% of the country’s GDP with the Cocoa Sub sector alone comprising 25% of this total amount.
He observed that it is the contributions of this group of workers that have put the country at the world stage but these categories of workers have been neglected for far too long.
The Deputy Minister commended the NPRA and COCOBOD for their relentless efforts towards the establishment of Pension Scheme for this category of workers adding that Pensions are important components of Social protection which forms part of the decent work agenda.
He pointed out that coverage of pensions in the informal Sector is very limited and largely confined to workers in the formal economy “only a small minority of workers are in the formal economy whilst most workers in the formal economy are not covered therefore, this initiative is more than laudable considering the fact that most of these cocoa farmers are subjected to high levels of vulnerability, informality and social exclusion.
In addition, he said persons in the Cocoa value chain will also benefit from this scheme.
Hon. Bright Wireko – Brobby appealed to NPRA to extend this initiative to other vulnerable group, within the sectors economy so that they can also benefit from the experiences and opportunities of contributing to Pension Scheme.
The Chief Executive Officer (CEO) of the National Pensions Regulatory Authority, Mr. Hayford Atta Krufi emphasized that provisions has been made in the 3 – Tier voluntary Personal Pension scheme to cater for the peculiar needs of the informal sector of the economy.
This means that farmers, fishermen, tailors, hairdressers, market women and traders, drivers and other self employed can participate in a pension scheme which will take care of them in their old age, adding that the informal sector workers will elect to contribute any amount they can afford on regular basis.
“The more the amount contributed the higher the benefits” he said.
Story by IB Freeman