The Communication Workers’ Union of Trade Union Congress (CWU) has warned the Government to stay away from workers’ pension funds and other investments to ensure industrial peace and harmony.

According to the union, workers had been trying to make ends meet and to survive the economic challenges and cautioned government to resist any temptation to reduce workers to “beggars”.

The statement further advised the Akuffo Addo led government to show the way by reducing the number of ministers and government appointees to cut down on expenditure instead of “exploiting the poor workers” in its debt restructuring programme.

In a statement signed and issued by the General Secretary of CWU, Mr Joseph Yao Hotor, the union expressed it’s disapproval of the government’s invitation to eligible home bond holders to surrender their investment packages for a new one.

“We are not yet done with negotiating base pay and for the government to suddenly announce haircuts on pension funds in its debt restructuring exchange programme, clearly portray how unconcerned it is about workers welfare.”
CWU

The Communication Workers’ Union noted that, the arrangement would make the already poor worker worse off, hence must be avoided. The Union, however, assured its members that their monies were safe and would not be lost in any form to the debt restructuring the government had agreed to.

The Union further advised its members to continue to remain calm in these difficult times as the Trade Union Congress and its affiliates are discussing the issue with all the seriousness it demands and will get back to members on the next line of action.

Unions And Associations With Same Plea

A number of groups have publicly voiced their rejection of the debt exchange programme.

Prior to this, the Health Services Workers Union sent a strong warning to the government to stay away from their pensions as part of a debt restructuring programme.

The Finance Minister, Ken Ofori-Atta in his presentation of the 2023 budget statement, announced a debt restructuring for domestic bondholders in terms of interest payments. In view of this, about 94% of Tier 2 contributions placed in government security are likely to be affected. Government formally launched the Debt Exchange Programme on Monday December 5, as part of efforts to reduce the country’s debt burden.

But the General Secretary of the Health services workers’ Union (HSWU) Franklin Owusu Ansah, addressing a press conference noted that the union will resist any attempt by the government to touch their pensions.

The leadership of the University Teachers Association of Ghana (UTAG) joined opposers of the debt exchange programme, issuing a stern warning to government not to touch their pension funds. UTAG noted that it will not go down well with its members if the pensions of its members are touched in any attempt to restructure the country’s debt.

National Secretary of the University Teachers Association of Ghana, Dr. Asare Asante-Annor disclosed that it would not be prudent should pensioners be affected by the debt restructuring programm. Dr. Asante-Annor noted that cutting down on government’s expenditure will go a long way to reduce the debt burden on the country.