Organized labour declares indefinite strike over Debt Exchange programme

Organized labour has declared an indefinite strike starting December 27, 2022.

According to the labour unions, they will only rescind their decision when pension funds are exempted from the Domestic Debt Exchange Programme.

According to Atinka News Source, the decision to embark on the strike was reached after a meeting held this afternoon at TUC, Accra.

The strike is to impress Government to exempt the Pension Funds from the Domestic Debt Exchange Programme.

About Govt Debt Exchange Programme

On 5th December, 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange Programme, an invitation for the voluntary exchange of approximately Ghc137 billion of domestic notes and bonds of the Republic, including E. S.L.A and Daakye bonds, for a package of New Bonds to be issued by the Republic of Ghana.

The Exchange Programme is to allow the country to restore sound public finance and sustainable debt levels and to kickstart economic growth following the impact of the COVID-19 pandemic.

Organized Labour’s position

Organized Labour strongly opposes Govt’s intention to include pension funds in its exchange programme as part of measures to revive the economy.

They believe this move by Government will worsen the fate of retired workers who had paid their dues to the nation and deserved a decent and comfortable pension.

They have therefore declared a strike effective December 27, if Government fails to heed their demand.