Peasant Farmers Association of Ghana and Industrial Pensions Trust Company launch partnership

The Peasant Farmers Association of Ghana (PFAG) and the Industrial Pensions Trust Company (IPTC) have launched a significant partnership with the goal of offering affordable, flexible, and sustainable retirement planning products through the Nkɔsoɔ Pensions and Welfare Scheme for smallholder farmers.

This momentous occasion took place at the PFAG pre-season durbar and inaugural Peasant Farmers Day Celebration held in Navrongo, Ghana, on April 25, 2024.

Themed "Deepening the Role of Smallholder Farmers in Promoting Food and Nutrition Security in the Midst of Climate Change and Global Crises," the event also honoured the invaluable contributions of PFAG members to Ghana's agricultural development.

This partnership between PFAG and IPTC marks the beginning of a new era 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.

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

Present at the launch to provide support to the partnership were representative of the Minister of Agriculture, Mr. Charles Ayueboro Adama, the Municipal Chief Executive (MCE) of the Kassena Nankana Municipal Assembly, Navrongo, Hon. Joseph Adongo, and the Zonal Head of the Northern Regions for the National Pensions Regulatory Authority (NPRA), Mr. Yakubu Alhassan Fuseini. Mr. Fuseini commented that "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 to ensure that informal sector workers can build financial security for their retirement years."

The collaboration between PFAG and IPTC marks a significant milestone in the journey toward fostering sustainable livelihoods for smallholder farmers and other groups in various trades and occupations nationwide. Through the provision of pension coverage, PFAG empowers its members to plan for their futures and safeguard their families against financial uncertainties.

"We are thrilled to partner with PFAG in this initiative to provide pension scheme coverage for its," said Mr. William Antwi, Managing Director of IPTC. "This partnership underscores our commitment to supporting the agricultural sector and ensuring the well-being of those who work tirelessly to feed our nation. IPTC also offers the Cedi A Day Pension Scheme, which provides customized personal pension solutions designed for individuals working within the informal sector. This scheme addresses the specific retirement needs of ordinary workers, ensuring a secure future.”

The launch of this partnership symbolizes a shared commitment to the prosperity and security of Ghana's smallholder farmers. PFAG and IPTC are confident that this collaboration will serve as a cornerstone for building resilient agricultural communities and driving sustainable development across the nation.

EK