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Ghana News

Organised Labour to meet over proposed Alternative Offer for Pension Funds by Ministry of Finance

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Organised Labour is scheduled to meet today, Thursday, April 20, to consider the Ministry of Finance’s proposed Alternative Offer for Pension Funds. The Ministry has written to the Board of Trustees of Pension Funds for participation in the new debt restructuring programme. However, some labour unions have said they will not participate in the programme, as resolved in December ahead of the Domestic Debt Exchange Programme (DDEP).

Despite this, a Deputy Secretary General of the Ghana Trades Union Congress (TUC), Joshua Ansah, has called for an all-inclusive discussion on the matter. The government has stated that the offer is necessary to save the economy from further decline. Experts have also said that the move is one of the conditionalities of the International Monetary Fund (IMF) before its Executive Board grants the $3 billion extended credit facility (ECF) sought by Ghana.

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Palgrave Boakye-Danquah, Government Spokesperson on Governance and Security, explained on TV3’s New Day on Wednesday, April 19, that the proposal is not a Domestic Debt Exchange Programme (DDEP) and asked the pension bondholders to accept the offer. Organised Labour is expected to take a decision on the new proposal at Thursday’s meeting.

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