CAP 30 to be restored based on economic performance

Akropong-Akuapem (E/R), Jan. 15, GNA- Government Spokesperson on Economic Affairs, Nana Ohene Ntow, has said the government would restore the "CAP 30" pension when the economy improves.

Nana Ntow said whilst government appreciated the plight of retiring workers who subsist on the current SSNIT pension scheme, the "dire straits of the economy makes it impossible to replace the CAP 30 pension immediately, as being demanded by workers, but this may happen eventually."

He was responding to a question at the Akuapem North District of the People's Assembly at Akropong-Akuapem on Wednesday. The questioner complained of the plight of retiring workers who had been contributing to the SSNIT pension scheme and urged government to replace it with the CAP 30 pension.

Nana Ntow said whilst government was in favour of reviewing the scheme, it could not do so now because the economy "has just began to gather some strength and cannot support a scheme like the CAP 30."

In the interim, he said, government had restored the end-of-service benefit whilst efforts were being made to increase growth so that the economy could sustain the CAP 30. He called for patience from workers. Speaking on the state of the economy at a similar forum at Anum, in the Asuogyaman District, Mr. Ntow said it was "preposterous" for any group to claim that resuscitating the macro-economic stability of the nation did not matter since the entire economy hinges on an effective macro-economic policy for its sustenance.

He said bad economic policies pursued by the erstwhile NDC administration led to high interest rates, thus making it impossible for the private sector to have access to capital for development.

The Eastern Regional Minister, Dr Francis Osafo-Mensah, said government had made infrastructure development one of its priority areas so as to bring the needed comfort to the people and urged them to embrace government's policies.

The Asuogyaman District Chief Executive, Dr Godfrey Siaw, said the Assembly had carried out a number of development projects including the provision of 35 boreholes, and two clinics completed with nurses' quarters.