The government has been urged by the University Teachers Association of Ghana (UTAG) to review the Debt Exchange Program again in light of the concerns voiced by stakeholders.
The initiative, which was introduced by Finance Minister Ken Ofori-Atta on Monday, December 6, has been rejected by stakeholders including the Ghana Medical Association (GMA), the Ghana National Union of Traders Association (GUTA), and the Trades Union Congress (TUC).
UTAG added that they take strong issue to any action that will exacerbate the predicament of the already struggling university lecturer.
In particular, they declared in a statement, "We reject the wholesale implementation of the recently announced debt exchange policy."
"We are convinced that the debt exchange program may have a negative impact on the Tiers Two and Three Pension Funds of our Members as well as the Ghana Universities Salary Superannuation Scheme (GUSSS)," it continued. It would also lead to a considerable reduction in the principal and/or interest payments owed to members who have invested in mutual funds and may require money to cover unexpected requirements.
"Again, given that many of our members' individual savings are held through the many Credit Unions on our campuses, some of which include bonds in their portfolios, any attempt to implement the proposed debt swap programme on a large scale will ultimately affect our members' savings.
"We thus reaffirm that we vehemently oppose any implementation of the stated debt swap program that is carried out in a rigid manner. The pensions and other investment returns of the industrious Ghanaian should not be impacted in any manner.
The government needs to reconsider its debt swap scheme in light of the legitimate concerns voiced by many parties. In order to address the pressing economic issues, UTAG is prepared to collaborate with the government and support its efforts.
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As part of his efforts to revive the faltering economy, Finance Minister Ken Ofori-Atta introduced the Debt Exchange Program.
Holders of domestic bonds will be requested to trade in their current instruments for new ones as part of the Programme. By Sascovibesgh
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