Pensioners in Ghana will today Monday mass up at the Finance Ministry as part of a series of protests against the government’s Domestic Debt Exchange Programme. This will be the second time in a matter of days that the country’s have embarked on the protest following several failed appeals.
On Friday February 10, pensioners including former Chief Justice Sophia Akuffo picketed at the Finance Ministry. Meanwhile, today’s picketing will be the sixth time the pensioners will be protesting the government’s decision at the Finance Ministry.
The group picketing at the Finance Ministry are part of an interest group called the Pensioner Bondholders Forum. The group has lamented the impact of the programme on their livelihood and are pleading with the government to reconsider the options and exempt them from the programme.
“Since we have not heard any exemption news since Monday, Tuesday and Wednesday we have decided to continue our picketing today between 10am to 11am. As of now, there’s no need for the minister to be holding onto his position, because we haven’t tendered in the bond. Because now we have opted out, but there’s a difference if you opt out and are exempted. Even though now we have opted out, we want to be granted the official exemption,” Dr. Adu Anane Antwi, convenor of the group told Citi News.
Background
On 5th December 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange
programme, an invitation for the voluntary exchange of approximately GHS137 billion of the
domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of
New Bonds to be issued by the Republic.
According to the policy document, “Stress tests have been conducted by the relevant financial sector regulators to estimate the potential impact of the Debt Exchange for banks, specialised deposit-taking institutions (SDIs), insurance firms, asset managers, collective investment schemes, pension fund trustees, and regulated pension schemes, that could result from their participation in the debt exchange”.
Meanwhile, the programme excludes “Treasury Bills in totality, and notes and bonds held by individuals”.
See the full policy document below.
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