The Board of Trustees of Pension Funds has been encouraged by Dr. Anthony Yaw Baah, Secretary-General of the Ghana Trades Union Congress (TUC), to reject any attempt to put pension funds of their clients on the government's new Proposed Alternative Offer as part of the debt swap scheme.
After carefully examining a letter dated April 7, 2023 inviting the Board of Trustees of Pension Funds to take part in a New GOG Proposed Alternative Offer for Pension Funds, Organised Labour claims that it has come to the firm conclusion that it "amounts to roping pension funds back into the DDE Programme."
According to him, "this request violates both the spirit and the letter of the Memorandum of Understanding signed by the Government and Organized Labor."
Dr. Anthony Yaw Baah urged the government to uphold the terms of the Memorandum of Understanding (MoU) signed on Thursday, December 22, 2022, in his remarks at a press conference today, April 20.
The Board of Trustees of all Pension Funds is urged not to accept the invitation to take part in the so-called alternative offer for pension funds as a result of our recommendation. Organized Labor will vehemently oppose any attempt by the government or the Board of Trustees of Pension Schemes to undermine the MOU.
Anthony Yaw Baah, M.D.
Additionally, Dr. Baah has urged civil society groups to create a plan for the nation. He acknowledged that the nation's progress is being slowed by the ongoing power struggles between the New Patriotic Party (NPP) and the National Democratic Congress (NDC). In order to achieve this, he disclosed that the roadmap will aid in maintaining the nation's progress.
"Political party manifestos dominate this nation, and when this party takes office, it abandons all the initiatives started by the preceding administration. Ghana's road map must be created by civil society, and Dr. KY Amoako's African Center for Economic Transformation is doing just that.
Anthony Yaw Baah, M.D.
Speaking to the Organized Labour leadership, Dr. Yaw Baah said that the discussion was not just about the present but also about the future.
"These are concerns that we as labor need to look at. If you look at individuals who are retired, who are receiving pensions, they won't be up to 300,000 and just a small number are women. Therefore, we are discussing future incomes and pensions in addition to those for today.
Anthony Yaw Baah, M.D.
NDC/NPP mismanagement of the nation
The Secretary-General of the TUC has lamented the degree of mismanagement Ghana has seen over the past three decades at the hands of the two major political parties. He claimed that the manifestos they use to rule whenever they are in power have slowed the nation's development.
We are aware that, despite our political stability over the past 30 years, our economy has deteriorated to the point where Ghana is no longer able to pay its debts.
Anthony Yaw Baah, M.D.
Dr. Yaw Baah lamented the circumstances that led to Ghana reaching this stage, where one of the greatest economies in West Africa can only be maintained by debt. He reiterated his demand for the civil society to assume the task of creating a roadmap for Ghana in light of this.
"These two parties—NPP and NDC—sold all of our assets to foreign buyers, forcing us to rely on debt in order to grow our nation. Even when we compare our incomes to those of our neighbors in the area, they are among the lowest.
Anthony Yaw Baah, M.D.
The TUC is holding negotiations to solidify Organized Labor's position on the government's latest proposal for an alternative debt restructuring program that is reportedly another domestic debt exchange program (DDEP).