Former Finance Minister, Seth Terkper, has pointed out that investors holding Government of Ghana bonds are giving a lot to enable Ghana achieve debt sustainability which is a condition to secure an International Monetary Fund support programme.

According to him, the economic woes and the country’s inability to achieve debt sustainability will have been worse if organise labour had embarked on a strike from July 27, 2022.

He is therefore happy that the Trade Union Congress did not completely close the door on government but has expressed readiness to help government achieve debt sustainability.

“So the investors are giving a lot to enable Ghana achieve debt sustainability which is a condition [to get an IMF]; so that is the first course. Some of these [debt exchange] will be compromised and I am glad that in the statement that was issued jointly, the TUC did not close the door completely because the cause of a strike would have worsened what we are facing. So that is one course that was averted”, he disclosed on the Joy FM Super Morning Show.

“Secondly, it is not a zero sub-game to say that we are going to pay you, there will be no haircut, there will be no participation by pensions.  They [investors] are saying we are willing to talk in the mutual interest of the country.

Continuing, Mr. Terkper said labour did not close the door completely on government “and it pointed to the importance of consultation”.

He added “some of this should have been done like engaging the Bankers Association. What will need to do now is to intensify their negotiations so we can come to some agreement with labour; and remember it’s not just labour, pension funds are holding pensions for the private sector and others as well”.