Nana Addo asserts that the NPP administration has safeguarded employment and increased worker pay.
President Nana Addo Dankwa Akufo-Addo stated that the government has demonstrated a commitment to protecting workers' livelihoods and incomes.
According to him, the government has also increased the salaries of both employees and retirees.
On the occasion of the May Day celebration in Bolgatanga on May 1, 2023, he told the Trades Union Congress (TUC) that the government is working ceaselessly to revive the ailing economy.
He stated that the government is aware of the impact of the Program on workers and, as a result, intends to investigate other beneficial options within the limits of debt sustainability with the cooperation of both Government and Organized Labour.
He recalled that organized Labor petitioned the government for the payment of Cost-of-Living Allowance (COLA) to public sector employees in order to buffer them against the challenging economic conditions.
Nana Addo assured organized labor that its members' pension funds are secure as the government continues its Domestic Debt Exchange Programme (DDEP) to secure an IMF agreement.
When implementing the Domestic Debt Exchange Programme, we were keenly aware of its prospective impact on employee pension funds. We will not act in any way that compromises the pension security of employees.
In this regard, the practice of global risk management should include diversifying the portfolio of pension funds from the current 70% in government paper to real sector investments, such as rail, housing, urban transportation, motorways, and airports, as is the case with other pension funds, he added.
According to him, the government's policy responses have been aimed at restoring macroeconomic stability and assuring debt sustainability through short-term mitigation measures.