Dr. Frank Serebour, president of the Ghana Medical Association, has expressed regret about Ghana's existing pension system problems.

His worries are in response to the government's statement that it will restructure its debts.

He says that affecting the workers' already subpar pensions will have a detrimental effect on their standard of living.

He continued by saying that the government had made no indications whatsoever that the nation was in trouble.

"Pensions in this country are quite awful," he said. "If you look at the budget itself, we're told that the cedi has depreciated by over 53%.

In essence, if you currently have 1000 Ghana cedis, the value of your holdings is less than 53%.

“And so, if you look at our pensions that are already suffering and we’re going to go through this process of debt restructuring with even in terms of bonds yielding zero percentage points come 2023 and the 5% 2024 and then 10% and so forth and so on. It is quite a problem,” he is quoted by myjoyonline.com.

He also added that some government projects which have not been discontinued have shown that the government is only interested in cutting costs that affect citizens and not itself.

“My own Ministry, which is the Ministry of Health, as we speak, three ministers, that is a substantive Minister and two deputies. Is there no way we can cut? So essentially government has not shown that we are in crisis,” he added.