Audio By Carbonatix
The Ghana Medical Association (GMA) has rejected the debt exchange programme announced by the government.
The GMA in a statement on December 6 said the debt restructuring will have a negative impact on its members’ pensions funds and healthcare delivery in the country.
"The GMA is also concerned about the negative effect of the debt exchange programme on Private Health facilities, private health insurance and mutual schemes that have invested heavily with Government of Ghana bonds. This we believe will impact negatively on patient care, medication supply and claims management,” the statement said.
Government in announcing the programme said it is part of a key requirement to obtain an economic programme from the International Monetary Fund.
As part of the debt restructuring process, government said there will be a cut in bond interest with no coupon payment for 2023.
But GMA believes such measures will “result in a significant loss in value of our pensions in real terms over the next 5-15 years and beyond.”
It added that the government’s maximum bond interest of 10% will lead to a negative real return for investments every time inflation rises above 10%.
“All these, we believe, will further worsen the already dire situation workers and pensioners will face, especially when their meagre pensions have lost significant value owing to the depreciation of the cedi, high inflation amongst others,” GMA noted.
The Association wants government to immediately exempt pensions and other related investment funds completely from the debt restructuring process.
They say failure to do so may result in “actions that will disrupt the industrial harmony in the country.”
Already, other labour unions such as NAGRAT and TUC have kicked against the debt restructuring measure. They have urged the government not to touch workers' funds.
The Chamber of Corporate Trustees has also rejected the debt exchange programme proposed by the Ministry of Finance.
“We have carefully analysed the announcement by the Minister of Finance on the Debt Exchange Programme and are of the opinion that it is injurious to the interest of contributors to pension schemes”, the Chamber said in a statement.
Latest Stories
-
Obuasi: Man murdered in brutal home invasion
23 minutes -
Ghana’s highlife icon Daddy Lumba laid to rest after bitter legal tussle over postmortem and authority
29 minutes -
Veep tasks UENR graduates to build Ghana’s sustainable future
38 minutes -
Daddy Lumba’s blemished final rite
55 minutes -
University of Ghana revises start date for first semester 2025/2026 registration
1 hour -
MTN, Defarmercist and UG commission vegetable hub to boost youth training and modern farming
2 hours -
UG 1993 year group donates 10 brand-new laptops to support students’ digital access
2 hours -
Teachers, nurses decline postings to Bunkpurugu over conflict – MP reveals
3 hours -
Fifa Arab Cup 2025 teaches African football lessons after surpassing one million fans mark
3 hours -
NPP elder pays high tribute to Dr. Omane Boamah; laments loss of ‘brilliant young man’
5 hours -
Local gov’t minister announces one-week nationwide clean-up
5 hours -
Kpandai rerun ‘too close to call’ despite NDC being favourites – Global InfoAnalytics
6 hours -
Anti-HIV campaign: Education ministry targets marginalised children with UN-backed ‘Education Plus’ policy
7 hours -
Weeping skies bid farewell to Dr. Omane Boamah
8 hours -
Betway delivers solar-powered solution in Ayensuano District
9 hours
