Ghana. Pensions will be protected against Debt Exchange – TUC assures workers
The Trades Union Congress(TUC) has assured that it will take steps to safeguard workers’ pensions amid the implementation of government’s Domestic Debt Exchange (DDX) Programme.
In a statement issued on Monday, the TUC expressed disquiet about the failure of government to engage Labour ahead of the launch given that substantial portion of workers’ pension is invested in government bonds.
Nonetheless, the TUC appealed to all workers and unions to remain calm as it works to protect retirement funds.
“We have taken 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.
“We are assuring workers, that the TUC and its Affiliate unions will do everything in our power to ensure that our members are fully protected and that not even a pesewa of pension funds is lost in the Debt Restructuring Programme.”
Government offered investors a domestic debt swap on Monday to ease a crunch in payments as the government negotiates an IMF bailout.
The debt exchange program which took effect Monday would swap current debt for four new bonds maturing between 2027 and 2037.
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