According to Finance Minister Ken Ofori-Atta, the government is coordinating with organized labor to close the gap left by the exclusion of pension funds from the debt swap program.

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After the government and organized labor signed an agreement, Mr. Ofori Atta addressed the media and said: "Obviously, the choice to exempt pension funds is at a cost, and we have committed government and the organized labor to work together to guarantee that we find means of plugging that hole."

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Following considerable pressure and opposition from various labor groups, the administration excused the monies.

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The “government has decided to grant an exemption to all pension funds” in the debt exchange programme, an MoU signed by the Minister of Labour Relations, Mr Ignatius Baffour Awuah, dated Thursday, 22 December 2022, disclosed.

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The exemption of pension funds under the programme follows a meeting between the government of Ghana (GoG) represented by the Ministry of Finance, the Ministry of National Security and the Ministry of Employment and Labour Relations on one hand, and Organised Labour/Associations, on the other hand, represented by the leaders of all labour unions/associations.

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The government and Organised Labour shall, “however, work together to explore mutually beneficial options within the debt sustainability limits and to also promote macroeconomic stability and economic recovery in the spirit of social partnership,” the statement added.

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Organised Labour had threatened a strike if the government failed to exempt the pension funds.

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“We are asking the government to exempt us from the debt exchange programme. We have already told the world that if the government doesn’t do that, we will advise ourselves. Today, we are here to announce the advice. The advice is very simple: We have all agreed that because the government has refused to grant our request, we have decided firmly that all workers of Ghana are going to strike on December 27, 2022, and we will be on strike until our demands are met,” Dr Yaw Baah announced days before the exemption.

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