The Ghana Medical Association (GMA) has cautioned the Ministry of Finance and the government to abandon any plans to reclassify its members’ Pension Funds for the Domestic Debt Exchange Programme (DDEP).
According to the association, any attempts to include GMA’s Pension Funds in the Programme shall be opposed by its members nationwide.
“The GMA takes this opportunity to strongly caution the Ministry of Finance and government for that matter, and in no uncertain terms that any attempt to reclassify the GMA’s Pension Fund as something other than a Pension Fund and place same under the DDE Programme, shall be resisted fiercely with very drastic actions that will certainly disrupt the industrial harmony nationwide.”
Ghana Medical Association
In a statement jointly signed by President of the association, Frank Serebour, and General Secretary, Titus Beyuo, it revealed that its pensions fund, set up in 2002, predates the National Pensions Act, 2008 (Act 766) and serves as the only incentive keeping doctors in Ghana. The association stated that in line with this, the GMA Pension Fund is duly exempted and does not fall under the current DDE Programme.
“It has since its inception operated as a Pension Fund with benefits paid out only upon retirement as per the trust deed. No withdrawal is permitted before retirement. It is also instructive to note that the GMA’s Pension Fund does not give loans or overdrafts.”
Ghana Medical Association
The Ghana Medical Association joins calls for government to exempt some key stakeholders and unions from the debt programme intended to salvage the economy.
Meanwhile, as government’s extended window for bondholders to complete tender processes as part of the controversial Domestic Debt Exchange Programme (DDEP) elapses today, February 10, 2023, the Pensioners Bondholders Forum clamoring for exclusion from the DDEP have threatened to picket at Parliament next Tuesday to witness the debate between members of the House and the Finance Ministry.
Members of the forum have stated that they will continue to picket at the Finance Ministry until the government addresses their concerns about exempting their investments from the domestic debt exchange programme.
Pensioners threaten to picket at parliament
Dr. Adu Anane Antwi, Convener of the Pensioners Bondholders Forum, indicated that the forum is eager to hear the Finance Minister’s response to Parliament on Tuesday.
“If we have the strength which we pray to God that we should always have, we will continuously be at the Ministry until that total exemption is granted… We are going to be in Parliament to see and hear for ourselves what [the finance minister] will tell Parliament and what the response and reaction of Parliament will be.”
Dr. Adu Anane Antwi
Currently, members of the Pensioner Bondholders Forum have picketed four times in a row at the Finance Ministry to demand a total exemption of their investments from the Domestic Debt Exchange programme.
Already, to sign on more members on the programme, government also made an extension from the February 7, 2023, deadline to create a window for the bondholders who experienced technical glitches to complete the online processes for tendering their bonds.
The Ministry of Finance revealed that it is receiving the needed response from various stakeholders and individuals after it opened a three-day administrative window. The Ministry earlier indicated that over 50 percent of bondholders had subscribed so far and is hopeful that the decisive steps adopted by the government will yield the necessary objectives.
Government has proposed a 15% coupon rate but the group of about 30 retirees are adamant, insisting they will not accept any haircuts on their investments as their livelihoods depend on the proceeds from these investments.
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