We Won’t Act In Any Way To Short-change Workers- Prez Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has assured Ghanaians of the government’s willingness and commitment to protecting workers.

According to him, the government has demonstrated its commitment to workers in the protection of lives and livelihoods through the institution of the Cost of Living Allowance (COLA), the 10% upward adjustment of the 2023 National Daily Minimum Wage, 30% base pay on the Single Spine Salary Structure and the 25% increment in monthly pensions.

“All these measures, put together, demonstrate to workers that the Akufo-Addo Government is a listening one, a government which is committed to improving the lot of workers and their dependents,” he asserted.

He added that it has become more imperative to protect workers in the wake of the current global economic crisis, noting that the government is mindful of workers in the DDEP and won’t act in any way that will short-change workers.

“In undertaking the Domestic Debt Exchange Programme, we have been very mindful of its potential impact on the pension funds of workers. We will not act in any way to short-change workers in protecting their pensions. It is for this reason that the Government, through an MOU signed with Organised Labour on 22nd December 2022, decided to grant exemption to all pension funds in the Domestic Debt Exchange Programme,” he said.

The MOU stated that both Government and Organised Labour will work together “to explore mutually beneficial options within debt sustainability limits and to also promote macroeconomic stability and economic recovery in the spirit of social partnership”.

He, therefore, urged the Union to accept the New GOG Proposed Alternative Offer for Pension Funds in the DDEP by the proposal from the Minister for Finance.

“I am aware that both the Minister for Finance and the Minister for Employment and Labour Relations and their technical teams have been working with Organised Labour/Associations and Pension Fund Managers/Trustees to explore these mutually beneficial options. I would like to use this occasion to appeal to Organised Labour to work urgently with the Government to conclude the discussions within the spirit of social partnership and burden-sharing towards addressing our economic challenges, and providing a stronger base for our rapid growth and development.”

Rejection By Organised Labour
According to the Ministry of Finance, the New GOG Proposed Alternative Offer for Pension Funds in the DDEP is meant to reduce high debt distress and unsustainable debt obligation in support of Ghana’s economic recovery.

Organised labour in a statement on April 20 rejected the new proposal saying it “amounts to roping pension funds back into the DDE Programme”.

It also noted that the proposal is at variance with MoU signed in December 2022 to exclude pension funds.