The Finance Minister, Ken Ofori-Atta, has stated that his outfit has written to the Pensioners Bondholders Forum regarding their exemption from the Domestic Debt Exchange Programme (DDEP), following a week of intense protests by senior citizens.
The pensioners had expressed their concerns that the debt restructuring would cause financial hardship for them.
The Ministry of Finance had earlier indicated that participation in the debt restructuring was voluntary and that pensioners could decide whether or not to participate. However, the pensioners had insisted that the Minister needed to make it formal and include their bonds’ exemption from the debt restructuring.
Mr Ofori-Atta addressed these concerns during a parliamentary session, stating that he had communicated their exclusion in writing to the convenor of the Pensioners Bondholders Forum after a meeting with them during their protests. He expressed his hope that this would allay the fears of the pensioners.
Despite Mr Ofori-Atta’s claims, the convenor of the Pensioners Bondholders Forum, Dr Adu Anane Antwi, has stated that he is yet to receive any letter from the Minister indicating that pensioners who did not participate in the bond offering are exempted from the DDEP.
The deadline for the DDEP has now elapsed, with the Ministry confirming that around 85% of bondholders participated in the debt restructuring.
The protests by the pensioners highlight the concerns that many older citizens have regarding financial stability and security in their later years. The Pensioners Bondholders Forum has been active in advocating for the rights and welfare of pensioners, and this latest development will undoubtedly be closely watched by many in Ghana’s ageing population.
The issue also raises broader questions about the need for governments to ensure that pensioners are adequately protected from the risks of financial instability, particularly in developing countries, where social safety nets are often weak. The current global economic climate, marked by increased uncertainty and volatility, has only reinforced the importance of such protections.
As such, the situation in Ghana is an important reminder that governments must be proactive in ensuring that their citizens, particularly the most vulnerable, are adequately protected from the risks of financial instability. This may require the implementation of targeted policies and programmes that are designed to address the specific needs of pensioners and other vulnerable groups.
In the case of Ghana, the Pensioners Bondholders Forum will continue to play a vital role in advocating for the rights and welfare of pensioners. However, it remains to be seen whether the Finance Minister’s written communication to the convenor of the group will be sufficient to allay the pensioners’ fears and ensure their financial security.
