The Trades Union Congress (TUC) says government should exempt its members' pension funds from the debt exchange programme.

According to them, the programme will negatively affect the security of their retirement income.

They made this known through their General Secretary, Dr Anthony Yaw Baah at a press conference held on Monday, 12th December, 2022.

“……we have analysed the debt exchange programme and after a thorough analysis of the programme and a very extensive discussion among the leadership of TUC and affiliates, our conclusion is very firm. And it is that the programme will negatively affect the pension funds of our members and consequently their retirement income security,” he said.

“Already, pension is low and we would have thought that our government will do everything to protect the small pension we have. Instead, they are introducing programme inspired by the International Monetary Fund to cut further pension income. Therefore, the Trades Union Congress and all its affiliates have decided that the pension funds of our members will not be part of the domestic debt exchange programme,” he added.

Dr. Anthony Yaw Baah further stated that, the Union has written to the Minister of Finance, demanding that all pension funds invested in government bonds should be removed from the domestic exchange programme.

“…….we are also demanding in that letter that within one week from today, the government should publicly announce that all pension funds, including SSNIT are exempted from the debt exchange programme.

"Again, in the letter, we have served notice that if government fails to accede to our demands within one week, we will advise ourselves.”

They also called on the government to show leadership by reducing what they term the “humongous” size of government.

“Some ministries have as many as three deputies. Why?” the TUC Secretary General asked.

The TUC also demanded that government reverses its decision to freeze employment in the public sector.

“This is the time to create jobs, not to freeze jobs,” he stated.