Individual pension bondholders have questioned the propriety of the government’s decision to exclude the pension funds of prospective retirees from the Domestic Debt Exchange Programme while refusing to exempt those of individuals who are already retired.
Speaking on Joy FM’s Super Morning Show, a retired Civil Engineer, Ing. Seth Ahene called for the same exception to be given individual pension bondholders.
In December 2022, government announced an exemption of all pension funds from the Debt Exchange Programme following pressure from organised labour groups.
After a series of meetings between Organised Labour, the Ministry of Employment and Labour Relations, the Finance Ministry, National Security Ministry and other parties, the government agreed to the exception.
But the retiree feels this exemption does not make sense and likened government’s approach to parents who have sidelined their first child to focus all their resources on their unborn child, a move he believes, is imprudent.
“Yes, make preparation for the one yet to be born but also give the same priorities to the one who is already here.
“We are here, we are already on pension so why look after those who are yet to go on pension and neglect us?” he quizzed.
For the Civil Engineer, the government has failed all bondholders particularly, pensioners.
He said the government was insensitive in going after pensioners since they are the ‘low hanging fruit.’
“It was a total betrayal. You know when the unions threatened government and it conceded to their demands, I told my mates who I encouraged to buy bonds because we the pensioners will be the next target because we are the ‘low hanging fruit’.
“We have no means of putting the government under pressure like the unions and lo and behold, it happened,” he said on Monday.#
Individual pension bondholders have been affected by government’s ongoing debt exchange programme.
Unhappy with the situation, these retirees have been picketing the Finance Ministry to drum home their displeasure and demands for exemption.
Many of them are worried that their source of income and medication will be curtailed by the programme, thus, intensifying their economic woes.
Although government has announced that it has reached the 80 per cent threshold to qualify a pending IMF support, the pensioners have vowed to continue the picketing until government exempts them completely.
