According to President Nana Addo Dankwa Akufo-Addo, the government has demonstrated a commitment to safeguarding workers’ incomes and jobs.
Akufo-Addo claims that the government has increased both worker and pensioner existing incomes.
On Monday, May 1, 2023, during the May Day celebration in Bolgatanga, he said the government is constantly working to revive the failing economy in a speech to the Trades Union Congress (TUC).
According to him, the government is aware of how the Program affects workers and is therefore looking to explore alternative, more advantageous options while staying within the bounds of debt sustainability.
He recalled how organized Labor had urged the government to provide public sector employees with Cost-of-Living Allowances (COLA) in order to protect them from the challenging economic climate.
In order to secure an IMF agreement, the government is continuing its Domestic Debt Exchange Program (DDEP), which Nana Addo assured organized labor is safe for its members’ pension funds.
“In undertaking the Domestic Debt Exchange Programme, we have been very mindful of its potential impact on the pension funds of workers. We will not act in any way to short-change workers in protecting their pensions.
“In this regard, within global risk management practice, the options should include diversifying the portfolio of pension funds from the current 70% in government paper to real sector investments including rail, housing, urban transportation, motorways, and airport as is done by other pension funds,” he added.
He said the government’s policy responses were aimed at reestablishing macroeconomic stability and making sure debt sustainability from short-term mitigation options.
Relatively, Nana Akufo-Addo is confident that his administration is continuously working to revive the faltering economy.
The President assured that the government is assiduously working with the International Monetary Fund (IMF) to win board approval for Ghana’s $3 billion bailout to address the current economic crisis during his speech at the May Day celebration in Bolgatanga.
