DDEP: Organised labour rejects new proposal to restructure $2.7 billion pension funds

Organized labour has rejected new attempts by the government to restructure pension funds worth $2.7 billion, reports have said.

The Secretary-General of the Trades Union Congress (TUC), Dr. Yaw Baah, has stated that the new debt restructuring proposal sent by the government has not been accepted by the Board of Trustees of Pension Funds.

“We have scrutinized this letter and other accompanying documentation and have come to a firm conclusion that the proposal amount to roping in pension funds back into the DDEP,” Graphic Business quoted him.

The government had already signed a Memorandum of Understanding with organised labour to exempt them from the domestic debt exchange programme.

However, a new offer signed by the finance minister was addressed to the Board for their involvement in an alternative debt restructuring proposal.

“This new request undermines the spirit and letter of the MoU signed between the government and organised labour,” Dr Baah told the Graphic Business.

Graphic Business reports have noted that “labour unions have asked for more time to study the new proposal from the government, however, indications are that the labour front is hesitant with the new proposal.”

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