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Exclude pensioners from Debt Exchange Programme - Pensioner Bondholders Forum

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Wed, 11 Jan 2023 Source:

The Pensioner Bondholders Forum has as a matter of urgency, called on government to exclude pensioners from the proposed Domestic Debt Exchange Programme (DDEP) which is expected to take place from January 16, 2023.

According to them, their regular source of income has already been impacted by inflation thereby putting more financial constraints on pensioners who often rely on pension funds to pay their medical bills, regular medications and critical expenses.

Lead Convener for the group, Dr Adu Antwi Esq. addressing journalists at a press conference on January 11, 2023 said pensioners believed that their investments in government securities were the safest hence the decision to now include pensioner funds under the debt restructuring exercise is one that will negatively impact them.

“Most of us have made these investments with the expectation that the coupons will supplement the meagre pensions we receive through Tier One Pensions under the Social Security and National Insurance Trust (SSNIT),” the group stressed.

“We have greater motivation to invest in these securities for both safety and liquidity considerations. Our coupons have become our core income while waiting for the payment of the principal amount upon maturity," the lead convener added.

They added that given the Amended and Restated Exchange Memorandum terms of the DDEP which extends to 15 years, many pensioners who are equally vulnerable in society, will not live enough to receive our investment in these government securities.

The group has therefore petitioned the Minister of Finance and the Presidency and also appealed to government to exempt pensioners who hold government bonds from the Domestic Debt Exchange Programme.


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