The Ghana University Teachers Association (UTAG) opposed the government’s request for its participation in the alternative offer proposed by the new Government of Ghana (GoG) for pension funds.
UTAG said they had to make this firm decision after the government through the Ministry of Finance invited the association to participate in the Proposed New Alternative Offer of the Georgian Government Pension Fund.
“The UTAG NEC held an emergency meeting on April 15, 2023 and, after careful deliberations, resolved to reject the GOG’s Proposed New Alternative Offer for Pension Funds.” UTAG said this in a statement signed by Dr. Asare Asante-Annor National Secretary and Prof. Solomon Nunoo National President on Monday 17 April.
UTAG revealed that the government’s decision to request them to join the Internal Debt Swap Scheme “will worsen the plight of the already impoverished Ghanaian university professor, adding that the association will not tolerate “government intransigence”.
In its response, the Ghana College Teachers Association made it clear that “we are therefore writing to unequivocally reject the request to use our Pension Funds, i.e. GUSSS, SSNIT and any other pension funds that affect our members, for the new alternative proposed offer of the Government”.
“We warn that government intransigence on this matter will not be tolerated as we stand ready to fight to ensure that no one steals our members’ pension funds,” the statement said.
This is not the first time that UTAG has rejected the government’s decision to include its members in the Internal Debt Exchange program.
Last year, after the program was launched, UTAG in a strong statement warned the government not to touch their pension money.
Ghana’s Domestic Debt Swap Program was launched in December 2022 to put the country’s debt on a sustainable path.
The debt restructuring will mean a reduction in interest payments for national bondholders to zero percent in 2023 and five percent in 2024.
Read full statement
RE: Request for Participation in the New Alternative Offer Proposed by the Government of Guatemala for the Pension Funds Internal Debt Exchange Program
We have seen the invitation from the Ministry of Finance addressed to the Board of Trustees of the Pension Funds dated April 7, 2023 with the title “Application for Participation in the Proposed New Alternative Offer of the Government of Georgia for Pension Funds.
The UTAG NEC held an emergency meeting on April 15, 2023 and, after careful deliberations, resolved to reject the GOG’s Proposed New Alternative Offer for Pension Funds. UTAG reiterates its previous resolution on the Internal Debt Swap Program contained in a communication with reference UTAG/NAT/2022/EM-012 and dated December 7, 2022 that we cannot yet participate in any intervention that worsens the difficult situation of the already impoverished. Professor at the University of Ghana.
Therefore, we are writing to unequivocally reject the request for the use of our Pension Funds, that is, GUSSS, SSNIT and any other pension fund that affects our affiliates, due to the new alternative offer proposed by the Government.
We warn that government intransigence on this issue will not be tolerated, as we are willing to fight to ensure that no one steals our affiliates’ pension funds.
