Pensioners kick against Ghana debt exchange program

Some Ghanaians start dey vex over govment decision to roll out debt exchange program as part of plans to reduce de burden on govment.

De Ghana Registered Nurses and Midwives Association (GRNMA) say dem dey reject de debt exchange programme sake of dis go affect dia pension.

According to dem, govment wan deny dem access to dia tier 3 pension fund which dem invest between 5 - 15 years, something dem no go agree to.

“Why govment delay de maturity of our tier 3 pension fund which dey inside govment bonds, afta dem cause de mess dem dey come punish we de innocent people?” Mrs Gyimah talk BBC Pidgin.

According to Mrs Gyimah, “I no go agree say afta years of hard work and saving away part of my salary for comfortable retirement sake of dia reckless spending.”

According to Mrs Gyimah, she practice as midwife for many years with hopes say she fit enjoy comfortable retirement but now she make “worried.”

Pressure from registered Nurses and Midwifery Association

Nurses and midwives association for Ghana issue statement signed by dia President, Perpetual Ofori Ampofo to reject de moves by govment.

She describe de debt exchange program as unfair sake of de pensioners go suffer sake of govment fiscal indiscipline.

"De leadership of de Ghana Registered Nurses and Midwives Association (GRNMA) wish to register our surprise den disappointment at de proposed debt exchange programme govment announce.”

"Dis be unacceptable, govment wey budget 18% inflation in 2023 go consider zero interest for pension funds of poor, hardworking, law-abiding citizens within de same period."

What be debt exchange programme Ghana announce?

Ghana govment dey ask local bond holders to accept losses on interest payments as part of move to restructure dia debt so say dem go fit secure loan facility from International Monetary Fund (IMF).

Finance Minister, Ken Ofori Atta announce de launch of de Ghana Domestic Exchange Programme in order to reduce de impact of economic hardship on investors wey dey hold govment bonds.

Existing domestic bonds as of December 1, 2022 go be exchanged for four new bond maturity period.

Under de new debt exchange programme, govment dey ask bondholders to exchange dia instruments for new ones which go mature in 2027, 2029, 2032 Dem 2037.

“De annual coupon on all dis new bonds go dey at 0% in 2023, 5% in 2024 den 10% in 2025 until dem mature” Ken Ofori Atta reveal.

According to de Finance Minister, dis be part of measures to help restore economic confidence in de Ghanaian market.