In a joint effort with other labor unions, the Civil and Local Staff Association of Ghana (CLOGSAG) has urged the government to remove pensions from the debt swap scheme.
Institutional bondholders must express their written consent to the Central Securities Depository (CSD) to swap their present holdings for new ones in order to participate in the domestic debt exchange scheme that the government has established.
A number of labor unions, notably the Trades Union Congress, have opposed the plan, fearing for the future of its members if their pensions are impacted.
Dr. Isaac Bampoe Addo, Executive Secretary for CLOGSAG, stated during a news conference that the government has to reduce spending to salvage the struggling economy rather than target Ghanaians’ pensions.
“CLOGSAG is serving notice on the National Labour Commission, that should government default in honouring any of the coupons when due for the schemes it will declare an indefinite nationwide strike.”
Read the full statement below: