Immediately exempt pension funds from debt exchange programme – GMA tells government

The Ghana Medical Association (GMA) has asked the government to immediately exempt pension funds from the newly introduced debt exchange programme. 

GMA says it will vehemently oppose any move that will affect healthcare delivery in the country.

In a press release issued on Tuesday, the Association said the move will not augur well for its members.

Immediately exempt pension funds from debt exchange programme - GMA tells government
The GMA’s statement

“We therefore demand as a matter of urgency that the government takes immediate steps to completely exempt pension and other related funds (including the GMA Fund who have investments in GOG instruments) and that no “haircuts” should affect the principal and interests of such investments,” excerpts of the statement read. 

The Association thus warned that failure by the government to heed to their call will disrupt industrial harmony in the country. 

“Failure of exempting workers pension funds from ‘haircuts’ or debt restructuring may result in actions that will disrupt the industrial harmony in the country,” the GMA statement concluded. 

Following the announcement of the programme by Finance Minister on Sunday, December 4, many institutions have expressed their dissatisfaction with the decision. 

For instance, the Trades Union Congress (TUC) has said the programme could have a negative impact on its workers’ pension.

In a statement issued by the TUC, Dr Yaw Baah also highlighted the lack of prior engagement with Labour on the part of government in implementing the programme.

“We have taken a special note of the statement by the Minister for Finance that the Debt Exchange Programme is voluntary. The TUC will scrupulously analyse the propriety or otherwise of the participation of pension funds of its members in the programme,” parts of the statement noted.

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