The Trades Union Congress (TUC) has stated that its members will not participate in the Debt Exchange Programme announced by the government to deal with the country’s economic crisis.
The 500,000-member union said workers would not be part of a programme that would worsen their plight and further plunge them into unimaginable hardship.
At a press conference in Accra yesterday, the Secretary General of the TUC, Dr Yaw Baah, said: “ The TUC and all our affiliates have decided that the pension funds of our members will not be part of the Debt Exchange Programme.”
He said the TUC had written to the Minister of Finance, Ken Ofori-Atta, on its position.
“Within one week, government should ensure that all pension funds including SSNIT funds be exempted,” he said.
He served notice that “If government refuses to accede to our demand, we will advise ourselves.”
Dr Baah stated that the union was ready to go all out to defend its stance and protect the interest of workers.
“All workers must be ready to participate fully in any industrial action to protect our pension funds. Workers will no longer bear the consequences of any IMF-inspired or IMF-sponsored policies and programmes.
“Government is responsible for its decisions, including the decision to seek an IMF bailout,” Dr Baah said.
The press conference, held at the TUC headquarters, was attended by members of the 23 labour unions that make up the TUC.
It was a charged atmosphere as the members, clad in red attire, sang union songs, clinching their fists to express their displeasure about the programme.
“Do not touch our pensions, no haircuts on our pensions” was the rallying cry that reverberated through the packed conference room of the TUC.
Debt exchange
The Minister of Finance announced that the government would implement a voluntary debt exchange programme as part of measures to reduce the debt burden and give the government some breathing space to deal with the fiscal challenges facing the country.
With the programme, domestic bondholders face steep interest rate cuts and lengthening of tenure on their investments.
Investors in dollar denominated Eurobonds will also have to contend with both interest rate cuts and the loss of up to 30 per cent of the Continued from page 13
