Pension funds protected from the government’s debt exchange program

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According to, the government has excluded pension money from the debt swap.

The decision was made on December 22 after a meeting between organized labor, represented by Dr. Anthony Yaw Baah, and the government, represented by Finance Minister Ken Ofori Atta and Minister for Employment Ignatius Baffour Awuah.

Ignatius Baffour Awuah stated in a Memorandum of Understanding that the government and Organized Labor will cooperate to find solutions to all problems in order to make the program effective in restoring the financial stability of the nation.

On Monday, December 5, Finance Minister Ken Ofori-Atta introduced the debt swap scheme as part of the government’s effort to restructure debt and restart the economy.

However, if the government proceeds with its plan to include pension funds in its debt reconstruction, the Civil and Local Government Staff Association of Ghana (CLOGSAG) has given notice that its members would go on a statewide strike.

“In the light of the above, CLOGSAG will like to entreat all its members to be calm and go about their normal duties and continue to contribute to the good governance of Ghana,” stated Executive Secretary of CLOGSAG Isaac Bampoe Addo. “Ayekoo to all workers. We will continue to be on the alert.

“CLOGSAG is serving notice on the National Labour Commission that should government default in owning any of the coupons when due for the schemes, it will declare an indefinite nationwide strike.”

Read the full statement below:


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