DDE: Organised Labour warns of potential confrontation with Gov’t over alternative offer for Pension Funds
Organised Labour in Ghana has voiced concerns over an invitation by the government to the Board of Trustees of Pension Funds to participate in a new alternative offer for pension funds. The group has raised fears that this request undermines the spirit and letter of the Memorandum of Understanding (MOU) signed between the government and Organised Labour on December 22nd, 2022, regarding the Domestic Debt Exchange Programme (DDEP) and pensions.
In a meeting of Organised Labour leaders held at the Mensvic Grand Hotel in Accra on December 20th, 2023, discussions were centered around the DDEP and pensions. The group noted the MOU signed by the Government of Ghana, represented by the Ministers of Finance and Employment and Labour Relations, and Organised Labour, represented by the Secretary General of Trades Union Congress, which agreed to exempt all pension funds in the DDEP.
However, Organised Labour has since become aware of a letter dated April 7th, 2023, inviting the Board of Trustees of Pension Funds to participate in a new alternative offer for pension funds. The group has scrutinized this letter and accompanying documentations and have come to a firm conclusion that it amounts to roping pension funds back into the DDEP, which is contrary to the MOU.
The concerns raised by Organised Labour regarding the government’s invitation to the Board of Trustees of Pension Funds to participate in a new alternative offer for pension funds, undermines the commitment made by the government to exempt all pension funds in the DDEP. This has raised questions regarding the government’s commitment to honouring the MOU.
Furthermore, the warnings issued by Organised Labour regarding the potential consequences of undermining the MOU should not be taken lightly. This comes at a time when the government of Ghana is seeking to implement policies that promote economic growth and stability, and any potential confrontation with Organised Labour could lead to disruptions in the implementation of these policies.
In light of this situation, it is imperative that the government of Ghana engages with Organised Labour in a constructive and transparent manner to address their concerns and find a mutually beneficial solution. The government must prioritize the protection of the interests of pension fund beneficiaries and uphold the commitments made in the MOU signed with Organised Labour.
The concerns raised by Organised Labour over the invitation to the Board of Trustees of Pension Funds to participate in a new alternative offer for pension funds must be addressed in a transparent and constructive manner to avoid potential disruptions in the implementation of policies aimed at promoting economic growth and stability in Ghana. The government must honour the commitments made in the MOU signed with Organised Labour and prioritize the protection of the interests of pension fund beneficiaries.
