GRNMA rejects govt’s Debt Exchange programme

The Ghana Registered Nurses and Midwives Association (GRNMA) has expressed displeasure and disappointment at the proposed debt exchange programme announced by the Minister of Finance, Ken Ofori-Atta.

Government launched the Debt Exchange Programme in Accra on Monday, December 5, 2022.

The Finance Minister Ken Ofori-Atta during the launch of the programme said the Government of Ghana expects overwhelming support for the debt exchange programme.

In his view, the programme is the surest way of restoring the Ghanaian economy back on track to create jobs and protect income of the people.

After citing best practices in countries such as Greece, he said the debt exchange programme “is an orderly way to put our economy back on track in order to create jobs, protect income and restore hope to the Ghanaian people.”

Reacting to the issue on Atinka FM’s AM Drive with host Kaakyire Ofori Ayim, President for the Ghana Registered Nurses and Midwives Association (GRNMA), Mrs Perpertual Ofori- Ampofo said Pension funds, particularly Tier 3 schemes, were encouraged to hold their investments for a minimum of 10 years.

Adding that from its inception in 2012, most schemes have just met the 10 years or will be 10 years next year.

Read Also: Domestic debt exchange: “Fiscal recklessness cause of crisis”- Expert

According to Perpetual Ofori-Ampofo, a debt exchange for pension funds will mean that workers will not have access to Tier 3 funds after waiting for 5–15 years.

Perpertual Ofori-Ampofo has since asked government as a matter of urgency, to withdraw the inclusion of pension funds from its debt exchange program and allow the funds as invested to run until their maturity.”

“Pensioners should not be made to suffer the consequences of Governments fiscal indiscipline when they have paid their fair share of taxes, worked to build the economy whiles taking very low salaries; It is unacceptable that a Government that budgets 18% inflation in 2023 will consider zero interest rate for pension funds of poor, hardworking, law-abiding citizens within the same period,” she added.

Ghana | | Vivian Adu


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