The affiliation in a press release signed by the President, Perpetual Ofori Ampofo, described the debt exchange program as unfair since their pensioners will bear the brunt of the federal government’s fiscal indiscipline by way of the debt exchange programme.
“The leadership of the Ghana Registered Nurses and Midwives Association (GRNMA) wishes to register its dismay and disappointment at the proposed debt exchange programme as announced by the Minister of Finance on December 5, 2022,” it mentioned.
It mentioned “It is unacceptable that a government that budgets 18% inflation in 2023 will consider zero interest for pension funds of poor, hardworking, law-abiding citizens within the same period.”
This comes following the federal government’s transfer to depend on a softer cost plan with establishments and people who’ve lent cash to the nation as a part of efforts to cut back the burden the general public debt inventory places on the financial system.
The plan, which is according to the federal government’s dedication to revive macroeconomic stability within the shortest doable time, entails the swapping of current home bonds with longer-dated bonds that can take between 4 and 14 years to mature in 2037.
Minister of Finance Ken Ofori-Atta asserting the programme mentioned Ghana is going through a really difficult financial state of affairs amid an more and more tough world financial atmosphere, marked by the COVID-19 pandemic, the worldwide financial shock created by the Russian invasion of Ukraine, and disruptions of the worldwide provide chains.
He mentioned for the federal government to alleviate the debt burden in probably the most clear, environment friendly, and expedited method, remedy of home debt is critical including that the invitation doesn’t entail any discount within the principal quantity (haircut) of the eligible bonds which entails an exchange for a brand new authorities of Ghana bonds with a 0% coupon in 2023 that steps as much as 5% in 2024, and 10% from 2025 onwards.
Source: www.pulse.com.gh
