Organised Labour says it will resist any attempt by the Government to include pension funds in the ongoing Domestic Debt Exchange (DDE) programme.

This follows Government’s announcement that it was finalising engagement with Organised Labour and Pension Fund Trustees on a separate arrangement for the programme.

The Finance Ministry announced the fourth extension of the DDE programme, noting that: “Discussions are being finalised with Organised Labour and Pension Fund Trustees on a separate arrangement in accordance with the Memorandum of Understanding signed with Organised Labour on 22nd December 2022, and in line with government’s debt management programme.” 

The new development comes after the Government [ represented by the Finance Ministry and Ministry of Employment and Labour Relations] had agreed with Organised Labour to exempt pension funds from the DDE programme.

Commenting on the new development on the programme, Organised Labour recalled the earlier agreement, which stated that: “Government has decided to grant exemption to all pension funds in the DDE programme. ”

“Organised Labour, hereby, reiterates that this position is final as far as involvement of Pension Funds in the DDEP is concerned,” it said in a statement on Tuesday.

It added that: “By this, Organised Labour and ALL our Pension Schemes are not participating in any DDE Programme as per the aforementioned exemption from government.

“Any contrary communication or position is alien to us and should be dismissed by all well-meaning Ghanaians. Any attempt to go contrary to this agreement will be fiercely resisted by Organised Labour,” the statement emphasised.

It assured all workers of Ghana that Organised Labour would continue to safeguard their interest at all times.

The DDE forms part of efforts by the Government to assure the International Monetary Fund (IMF) of debt sustainability and gain creditors’ confidence in the Fund’s $3 billion loan-support programme.