Gov’t exempts pension funds from Debt Exchange Programme
Information reaching norvanreports indicates that Government has agreed to exempt pension funds from its domestic debt exchange programme (DDEP).
The decision by government follows agitations and threats of mass industrial strikes by organised labour unions in the country.
Reports further indicate that the decision by government was reached during a crunch meeting between the Finance Chief Ken Ofori-Atta and Organised Labour on Thursday, December 22, 2022.
During the crunch meeting, Finance Chief Ken Ofori-Atta gave utmost assurances that pensions of all workers will be exempted from the programme.
The DDEP, launched on Monday, December 5, 2022 and expected to take off next month, was announced as part of austerity measures to save the economy from collapsing.
Per the programme, government is going to exchange over 60 existing bonds with four (4) new bonds that have maturity dates ranging from 2023 to 2037.
Reports of the inclusion of workers’ pensions stirred agitations among workers, who gave government a 7-day ultimatum to exempt their contributions, most of which were lodged in government vaults.
After the ultimatum elapsed, Organised Labour declared its intention to proceed on strike from Tuesday, December 27.
“We are asking government to exempt us from the debt exchange programme,” Secretary General of Ghana Trades Union Congress (TUC) Dr Anthony Yaw Baah told journalists at a press conference in Accra on Monday, December 19.
“We have already told the world that if government doesn’t do that, we will advise ourselves. Today, we are here to announce the advice.
“The advice is very simple. We have all agreed that because the government has refused to grant our request, we have decided firmly that all workers of Ghana are going to strike on December 27, 2022, and we will be on strike until our demands are met.”
