The Minister of Finance, Ken Ofori-Atta, has stated that agitations and oppositions from labour unions are usually expected when initiatives such as the domestic debt exchange program are implemented.
Speaking at a press conference following the Government’s state-level engagement with officials from the International Monetary Fund (IMF), Mr Ofori-Atta stated that while such oppositions are expected, the program will continue to enable the Government to protect the value of pensions in the country.
“It is not a very surprising position [taken by the opposes of the programme] because all of these things are shocks that we need to analyse and then make determinations as to how best to move forward as a nation because it destabilizes the macro environment which is the greatest enemy to the value of our pensions.”
Unions like the Trades Union Congress have advised the government on the program and warned it not to touch its members’ funds, however, Mr. Ofori-Atta said, “I think that is what we need to juxtapose and then come to some conclusions and implement the programme.”
According to Mr. Ofori-Atta, it is now time for the Trade Union Congress and its affiliated organisations to lessen their opposition and cooperate with the government to resurrect the economy.
The government has received several backlashes from unions about not being consulted and proceeding to reject it, since the programme was announced.
However, the government defends itself claiming that bond managers and respective financial institutions were engaged prior to the announcement.
