Labour Calls Off Planned Strike After Government Agrees To Exclude Pensions From Debt Restructuring Programme

• There will not be a strike by organised labour on December 27, 2022 as was announced previously
• Organised labour have said they have rescinded the strike action because they have secured assurance from government that pension funds will not be touched to off set its debts under the domestic debt exchange programme
• The TUC has said they will still explore viable ways with government to find a solution to the country's debt challenge

The plan by organised labour to go on strike from December 27, 2022 has been called off.

This follows a deal reached between organised labour, led by the Trades Union Congress (TUC) and others, and government to exclude pension funds from the domestic debt exchange programme.

“We are pleased to inform you that this afternoon the government has agreed to exempt all pension funds from the domestic debt restructuring,” TUC General Secretary Dr Yaw Baah told journalists at press conference on Thursday, December 23, 2022 in Accra.

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He stated further that government and labour organisations will continue talks aimed at finding solutions to the country’s debt challenge.

Under the debt exchange programme the government announced that interest payments on domestic bonds will slashed to 0% in 2023 as the country struggles to find money to honour its debt obligations.

Why Organised Labour Feared Government Will Use Of Pension Funds For To Pay Debts

YEN.com.gh reported in previous story that labour announced their intention to strike from Tuesday, December 27, 2022 because government had intentions to touch pension funds as part of the domestic debt exchange programme.

There had been rife projections that the cash-strapped Akufo-Addo administration would dip its hands into the pension funds to deal with unsustainable domestic debts under the debt exchange programme.

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However, organised labour said they wanted an express assurance from the government that pensions won't be touched before they rescind their indefinite strike.

But the TUC said after a Memorandum of Understanding on Thursday, 22. December 2022 following meetings held at the Ministry of Finance in between the state, represented by the Ministry of Employment and Labour Relations, Ministry of Finance, and Ministry of National Security on the one hand, and organised labour represented by leadership of all labour unions, they have decided to call off the strike.

Source: YEN.com.gh