Memorandum of Understanding on Exemption of Pension Funds from Debt Exchange Programme

Ken Ofori-Atta
Ken Ofori-Atta

The government of Ghana has finally exempted the Pension Funds from the Debt Exchange Programme (DEP) after several releases and intended industrial action from Labour Unions/Association.

In a joint Memorandum of Understanding signed by Hon. Ignatius Baffuor Awah, Hon. Ken Ofori-Atta, and Dr. Anthony Yaw Baah, they accepted to exempt all pension funds from the Debt Exchange Programme (DEP) announced by Government of Ghana on 5th December 2022.

The Memorandum of Understanding dated Thursday, 22nd December, 2022 has the signatures of Minister of Employment and Labour Relations, Minister for Finance, and the Secretary General of Trade Union Congress (TUC) – Ghana for Organised Labour/Association.

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The Memo reads:

“Following meetings held at the Ministry of Finance in December 2022 between Government of Ghana (GoG) represented by the Ministry of Employment and Labour Relations, Ministry of Finance, and Ministry of National Security on the one hand and Organised Labour/Associations represented by leadership of all Labour Unions/Associations on the other hand, to resolve issues on the exemption of all pension funds in the Domestic Debt Exchange (DDE) Programme announced by Government on 5th December, 2022:

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i. Government has decided to grant exemption to all pension funds in the DDE Programme; and

ii. GOG and Organised Labour/Associations shall, however, work together to explore mutually beneficial options within debt sustainability limits and to also promote macroeconomic stability and economic recovery in the spirit of social partnership.”

Meanwhile, TUC has called off its intended strike action following the exemption of the pension funds from the debt exchange programme. They have also called on its Members to report to work and must continue their usual activities.

Memorandum of Understanding on Exemption of Pension Funds from Debt Exchange Programme
Memorandum of Understanding on Exemption of Pension Funds from Debt Exchange Programme

SOURCE: Coverghana.com.gh

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