A former Chief Justice, Sophia Akuffo, has criticized the inclusion of pensioners in government’s Domestic Debt Exchange Programme (DDEP).

According to her, pensioners are the last resort in government’s plans to revive the economy. She revealed that the decision by government to include pensioners in the programme does not sit well with the aged whose funds will be affected.

“You don’t just jump at the low hanging fruits and the people whose monies are in your hands, you say this is how you are going to get it back. It’s rude, it’s wicked, it’s unlawful and it’s not right. It lacks good faith and humanity… You do not tax the old people; you do not tax the funds of the aged when you have not done due diligence and you have not checked on other things to do.
“We are not your last resort; you haven’t reached the point of last resort… Show us why this is the only solution and, in any case, it is not a lawful solution because if they change the law today, it cannot affect what has already accrued.”
Sophia Akuffo

Speaking to journalists after joining a group of pensioners to picket at the Ministry of Finance on Friday, February 10, Madam Akuffo stated that government owes it to Ghanaians to explain why pensioners are the last resort in its strategies. She highlighted that the pensioners included in the exchange are people who have worked hard and could have left the country when others were but stayed and worked for the nation.

“We have had our ups and downs. A lot of us were from generations where we were encouraged to save for tomorrow and all that. We have been through times where all your savings become nonsense because of some government policies. Then over the years, bit by bit, people have become more confident in the economy and investments.”
Sophia Akuffo

Government urged to be sensitive to plea of pensioners

Criticizing the government for not being accountable to their incessant borrowing which has had damning repercussions in the country, Madam Akuffo explained that a number of people picketing at the finance ministry on retiring, have invested everything into government bonds. She lamented that owing to these investments, it will be unfair on the part of government to “virtually want to force them to agree” to terms of repayment of yields on their investments.

“Why are we in the mess? Nobody has fully explained to us. Yes, we took debt, what was it used for and where is the accountability? Exactly what was it used for? You are not telling us about how you are going to be able to make things better but just that ‘help me and I help you’. No, you help yourself first. Let me see you doing something serious because we have seen these sorts of things too many times.”
Sophia Akuffo

Madam Akuffo stated that government has failed the country and it is important that the elderly is respected.

The Pensioners Bondholders Forum have been picketing at the Ministry since Monday, February 6 to be exempted from the Programme.

Meanwhile, government has reached agreements with banks, insurance companies and securities companies to join the Programme, which is meant to be part of the country’s debt restructuring exercise ahead of an extended credit facility from the International Monetary Fund (IMF).

Additionally, government has assured all active workers of exempting their pension funds from the Programme but subsequently included pensioners’ funds in its revised memorandum.

Most of the pensioners are of the opinion that bonds with government is their only source of livelihood, having worked to save those monies. However, government’s seeming nonchalance to their demands has forced them to take some action, which has resulted in their presence at the Finance Ministry between 10:00am and 11:00am each day to press home their request.