The Ghana Medical Association(GMA) has warned the Ministry of Finance and the government to abandon any plans to reclassify its members’ pension funds for the Domestic Debt Exchange Programme (DDEP).
According to GMA, such a move will be fiercely resisted.
This was communicated in a press release on Thursday, February 9, 2023.
The GMA said it has noted with concern the attempt to classify only funds regulated by the National Pensions Regulatory Authority as pension funds in the 2nd Amended and Restated Exchange memorandum from the government regarding the DDEP dated 3rd February 2023.
The GMA noted that its pension fund was set up in 2002 to augment the meagre pensions medical doctors receive on retirement.
It added that the fund has served as one of the tools to attract more doctors to stay and serve in Ghana despite the paltry salaries and pensions they receive.
“It has, since its inception, operated as a pension fund with benefits paid out only upon retirement as per the trust deed. No withdrawal is permitted before retirement.
“It is also instructive to note that the GMA’s pension fund does not give loans or overdrafts,” the statement said.
It also reminded the government of the agreement signed last year between the Ghana Trades Union Congress (TUC) and the government, which exempted pension funds in the DDEP.
“In line with this, the GMA Pension Fund is duly exempted and does not fall under the current DDE Programme.”
They stressed that the government’s failure to grant their demand would be met with very drastic actions.
“The GMA takes this opportunity to strongly caution the Ministry of Finance and government for that matter, and in no uncertain terms that any attempt to reclassify the GMA’s Pension Fund as something other than a pension fund and place same under the DDE Programme shall be resisted fiercely with very drastic actions that will certainly disrupt the industrial harmony nationwide.”