The agreement to exempt pensions from DDEP is finally assured; there will be no backtracking – Organized Labour
Labour has reiterated that the agreement it reached with the government in December last year to exempt all pension funds from the DDEP – Domestic Debt Exchange Programme is final.
Organised Labour reiterated in a statement dated February 1, 2023, in response to the government’s revised DDEP on January 31 and extension of the deadline, that its position is “FINAL as far as the involvement of Pension Funds in the DDEP is concerned.”
Exemption of DDEP
“As a result of the aforementioned government exemption, Organized Labor and ALL of our Pension Schemes are not participating in any DDE Program.”
“Any contrary communication or position is alien to us and should be rejected by all well-meaning Ghanaians,” it said.
“Any attempt to go contrary to this agreement will be fiercely resisted by Organised Labour.
“We assure all Ghanaian workers that Organized Labour will continue to protect their interests.”
This was stated in a statement signed by Dr Anthony Yaw Baah, Secretary General of the Trades Union Congress of Ghana (TUC), Isaac Bampoe Addo, Chairman of FORUM, and Kenneth Koomson, Deputy Secretary General of the Ghana Federation of Labour (GFL).
Press Release
In a press release issued on Tuesday, the government announced a revised DDEP and encouraged all bondholders to begin administrative procedures to participate in the Exchange.
It also stated that discussions with Organised Labour and Pension Fund Trustees were being finalized in accordance with the Memorandum of Understanding signed with Organised Labour (on December 22, 2022) in accordance with the government’s debt management Programme.
Organized Labor is reacting in response to this.
Below is copy of the statement
ORGANISED LABOUR, GHANA
PRESS RELEASE BY ORGANISED LABOUR ON CURRENT INFORMATION IN THE PUBLIC SPACE IN RELATION TO THE DOMESTIC DEBT EXCHANGE PROGRAMME (DDEP) AND PENSION FUNDS
1ST FEBRUARY, 2023Following a meeting held at the TUC Hall on 1″ February, 2023, by Organised Labour, it was resolved that:
1. Per the Agreement between Government of Ghana and Organised Labour, signed on Thursday, 22 nd December, 2022, with the Finance Minister, Hon. Ken Ofori-Atta and Hon. Ignatius Baffour-Awuah, Minister for Employment and Labour Relations, executing same on behalf of the Government of Ghana and Dr. Anthony Yaw Baah, Secretary General of TUC, on behalf of Organised Labour, paragraph 1 stated as follows: “Government has decided to grant exemption to all pension funds in the DDE Programme”.Organised Labour hereby reiterates that, this position is FINAL as far as involvement of Pension Funds in the DDEP is concerned. By this, Organised Labour and ALL our Pension Schemes are not participating in any DDE Programme as per the aforementioned exemption from Government.
2. Any contrary communication or position is alien to us and should be dismissed by all well-meaning Ghanaians. Any attempt to go contrary to this agreement will be fiercely resisted by Organised Labour.
3. We assure all workers of Ghana that, Organised Labour will continue to safeguard their interest at all times.
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