Govt Will Engage Organised Labor On Debt Exchange Program Before Deadline – Ofori-Atta

The Finance Minister, Ken Ofori-Atta, has disclosed that government is prepared to engage organised labour over their concerns on the debt exchange programme introduced by the government.

Several labour unions have kicked against the imposition of interest cuts on pension funds as part of the debt exchange programme, which was announced on December 5 and aimed at supporting the country’s economic recovery.

The Ghana National Association of Teachers (GNAT), Ghana Registered Nurses and Midwives Association (GRNMA), the National Association of Graduate Teachers (NAGRAT), Ghana Medical Association (GMA), Ghana Chamber of Commerce, Ghana Insurers Association and the Trades Union Congress (TUC) has all opposed the move by the government.

The unions have therefore vowed to resist any attempt to reduce the value of their members’ pension funds, which are invested in government bonds.

On Monday, December 12, the TUC said its members would not be part of a programme that would worsen their plight and further plunge them into unimaginable hardship.

Secretary General of the TUC, Dr Yaw Baah, said: “The TUC and all our affiliates have decided that the pension funds of our members will not be part of the Debt Exchange Programme…within one week, the government should ensure that all pension funds including SSNIT funds be exempted,” he lamented.

But speaking to journalists, Mr Ofori-Atta said the government would continue to engage organised labour and come to a mutual understanding with them before the deadline for the debt exchange programme.

“We are certainly listening, we have had a lot of engagements, and we will continue with the unions and really also all of us asking ourselves whether an orderly process to where we want to go is what we all seek and within that what sacrifices and burden sharing that we have,” Mr Ofori-Atta said.