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
-
Ghanaian athletes in Côte D’voire for U-20 Championship
14 seconds -
Made in Taadi must happen this year by hook or crook – Kofi Kinaata
14 mins -
Labour unions contemplate May 2 strike over unpaid Tier-2 pension dues
16 mins -
Sedina Tamakloe’s arrest: MoF, MASLOC board can’t be left off the hook – Analyst
30 mins -
Three JHS boys arrested for allegedly gang-defiling 15-year-old colleague
36 mins -
Today’s front pages: Friday, April 19, 2024
46 mins -
Magnus RexDanquah : ‘Breaking the Eight’ – The Greatest Scam Ever since Ackah Blay Miezah’s Gold Deposits claim
53 mins -
You cannot advise a fool – Kofi Kinaata
2 hours -
9-month-old baby dead after father bathed her and mother in acid
4 hours -
Christopher Adu Boahen to be buried on April 25
4 hours -
Ghana will achieve universal access to electricity by end of the year – Finance Minister
4 hours -
Ghana is set to procure one million revenue-efficient meters
4 hours -
National Peace Council raises concern over hate speech, insults in the media
4 hours -
I will fight corruption ruthlessly – Alan Kyerematen
4 hours -
Akufo-Addo pledges to prioritise the welfare of cocoa farmers
4 hours