If the kitchen is too hot for someone he should get out!
That is the message of the President of the National Association of Graduate Teachers (NAGRAT) Angel Karbonu to the lead manager of the economy Ken Ofori Atta in the wake of the introduction of the debt exchange program that has been introduced.
Angel Karbonu drew the attention of Sena Nombo on the Gold Morning Conversation to incessant calls by some NPP members of Parliament for the resignation of Ken Ofori Atta to allow for fresh ideas to be injected into the management of Ghana’s economy.
He said the ‘Debt Exchange Program’ would impose suffering on the Ghanaian worker who has no hand in the mismanagement of the economy that has led Ghana into a crisis situation.
Finance Minister Ken Ofori Atta announced a so called ‘Debt Exchange Program’ that would see government reassign the value of all domestic bonds to four new bonds that will mature in 2027, 2029, 2032 and 2037.
The move means all bonds would receive zero percent interest in 2023, 5% interest in 2024 and 10% interest from 2025 and is intended to reduce Ghana’s unsustainable debt levels in an effort to resolve the debt crisis that is responsible for the hardships being faced by Ghanaians.
While several institutional investors in government bonds would be affected by the move, labour unions have issued a hands-off warning to government regarding pension funds.
NAGRAT President Angel Karbonu says labour unions would not countenance any move by government to apply the ‘Debt Exchange Program’ to their pension funds.
According to him the bonds in question were issued in the name of labour unions after government was unable to transfer tier 2 pension funds due workers to the account of their respective fund managers.
He was surprised government decided to touch their pension funds without consulting them as the labour unions were informed of the ‘Debt Exchange Program’ by Fund Managers who were summoned to a meeting by the Bank of Ghana on a weekend.
The NAGRAT President warns that labour would not countenance any move that will deplete their pension funds set aside to ensure they live a humane life after retirement.
Story: Radiogoldlive.com
