IPTC Launches 'Nkɔsoɔ' Pensions and Welfare Scheme for small holder farmers

The Industrial Pensions Trust Company (IPTC) and the Peasant Farmers Association of Ghana (PFAG) have launched a partnership to provide pensions for smallholder farmers in Ghana.

The launch, which took place during the Peasant Farmers Day celebration at Navrongo in the Upper East Region of Ghana, aimed at offering affordable, flexible, and sustainable retirement planning products to smallholder farmers.

According to IPTC, the "Nkɔsoɔ Pensions and Welfare Scheme" product marks the beginning of a new phase of financial security for smallholder farmers in Ghana. Through this collaboration, PFAG aims to provide personal pension scheme coverage for its members, ensuring their well-being and prosperity as they continue to play a crucial role in the nation's agricultural sector.

Speaking with the Board Chairman and National President of PFAG, Mr. Weipa Addo Awal Adugwala, he said, "We recognize the dedication and hard work of our members, who are the backbone of Ghana's agricultural landscape."

Furthermore, he stated that "with this partnership with IPTC, we are not only addressing the immediate needs of our farmers but also laying a solid foundation for their future financial security and prosperity."

The Managing Director of IPTC, Mr. William Antwi, added, "We are thrilled to partner with PFAG in this initiative to provide pension scheme coverage for its members. This partnership underscores our commitment to supporting the agricultural sector and ensuring the well-being of those who work tirelessly to feed our nation."

Mr. Fuseini, the zonal Head of the National Pensions Regulatory Authority (NPRA) in the Northern Region stressed the significant role NPRA plays in safeguarding the finances of persons in the informal sector. "NPRA plays a crucial role in promoting the extension of pension coverage to the informal sector, which often lacks access to formal retirement savings mechanisms.

By establishing regulations, overseeing providers such as IPTC, educating consumers, and facilitating access, the NPRA helps ensure that informal sector workers can build financial security for their retirement years.", he said.

The event saw the presence of the Minister of Agriculture, Mr. Charles Ayueboro Adama, the Municipal Chief Executive (MCE) of the Kassena Nankana Municipal Assembly, and other dignitaries.

EK