Audio By Carbonatix
The President of the National Association of Graduate Teachers (NAGRAT), Angel Carbonu has said none of the organisations whose pension funds will be used for the debt exchange programme has signed up.
An earlier deadline date (December 19) for these organisations to sign up for the programme was extended to December 30 on Monday.
Government has indicated that the programme is a key requirement for an IMF bailout and has urged all bondholders and financial institutions involved to collaborate for the country’s debt level to be made sustainable.
However, Mr. Carbonu said none of the organisations has signed up for the programme despite the previous December 19 deadline date.
Speaking on JoyFM's TopStory on Monday night, he said “As of today, no organisation is signed onto the debt exchange programme. I don't know about the banks and others and I haven't done inquiries about them, but those with their pension funds involved have not signed up.”
He continued that, Organised labour was expecting government to “realise that it has done a very monumental mistake in the first place in announcing such a programme that affects pension.”
According to him, labour unions did not sign up for the programme because they expected them to revise the terms, especially when government “reneged on its primary responsibility of engaging stakeholders to see whether this is workable or not.”
It would be recalled that government on December 5, 2022, announced a debt restructuring measure.
According to Ken Ofori-Atta, the objective is “to invite holders of domestic debt to voluntarily exchange approximately GH¢137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.”
Bondholders like pension funds, banks and insurance firms will have to exchange their bonds for one that will earn zero interest next year.
The new bonds will only begin to earn five per cent interest in 2024 and 10 per cent for the remainder of their tenure. The maturity dates have also been extended with the first bonds only maturing in 2027.
Labour unions have continuously opposed the programme describing it as “draconian” and that it would drastically affect their pension funds.
Organised Labour in that regard has declared an indefinite strike effective December 27, 2022, since the government has failed to exempt them from the exchange programme.
Latest Stories
-
Decision to sack Otoo Addo was collective, based on performance concerns – Kofi Adams
14 seconds -
“GFA pays Queiroz’s hotel bills, residence use is their call” – Kofi Adams
35 seconds -
NPA boss urges oil marketing firms to prioritise safety over profits
2 minutes -
CITG urges faster dispute resolution amid Publican AI concerns
16 minutes -
Photos: Mahama visits Nsawam Prison, donates supplies, pledges support for inmates
18 minutes -
Domestic fires slightly up due to slum structures – GNFS
22 minutes -
2026 World Cup: Queiroz tasked to take Black Stars to semi-finals – Sports Minister
26 minutes -
My engagement and motivation helped Black Stars’ World Cup push – Kofi Adams
30 minutes -
FirstBank Ghana appoints Osahon Ogieva as MD/CEO; Victor Asante moves to international role
34 minutes -
Carlos Queiroz will be paid less than $100,000 a month – Sports Minister
39 minutes -
Fire Service opens stations to public as Ghana marks International Firefighters Day
40 minutes -
Young people don’t take networking seriously – Abrantie the Gentleman
42 minutes -
2026 African Athletics Championships: Sports Ministry, Ghana Athletics announce Hoshii International as major sponsor
58 minutes -
Beyond statements, enforcement is key – Dr Hlovor welcomes Ramaphosa’s anti-xenophobia push, but…
58 minutes -
Pastor, 2 others who allegedly attempted to bury a baby alive refused bail
2 hours