President of the National Association of Graduate Teachers (NAGRAT), Angel Karbonu, has sent a bold message to the lead manager of the economy, Ken Ofori Atta. This follows the introduction of the debt exchange program.
“If The Kitchen Is Too Hot For You, Get Out”, he said on Radio Gold
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, labor unions have issued a hands-off warning to the government regarding pension funds.NAGRAT President Angel Karbonu says labor unions would not countenance any move by the government to apply for the ‘Debt Exchange Program’ to their pension funds.
According to him, the bonds in question were issued in the name of labor unions after the government was unable to transfer tier 2 pension funds due to workers to the account of their respective fund managers.
He was surprised the government decided to touch their pension funds without consulting them as the labor 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 labor would not countenance any move that will deplete their pension funds set aside to ensure they live a humane life after retirement.
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