The University Teachers Association of Ghana (UTAG) leadership has joined those who oppose the debt swap programme and has warned the government sternly not to touch their pension funds.
Any attempt to restructure the country's debt, according to UTAG, should not impact the pensions of its members.
To help the nation's debt load, the government started the Debt Exchange Programme on Monday.
Dr. Asare Asante-Annor, National Secretary of the University Teachers Association of Ghana, said it would not be wise for pensioners to be impacted by the debt restructuring scheme in an interview with Citi News.
According to Dr. Asante-Annor, "our money should not be touched, pensions of our members and Ghanaians should not be affected as a result of the debt exchange Programme because these are funds that they have rightfully contributed for the duration of their working lives and they should be allowed to enjoy it while in pension."
Dr. Asante-Annor pointed out that reducing government spending would significantly help the nation's debt load.
"We also urge the government to move through with steps that would help them rein in their spending. We think we should utilize the many local resources we have effectively. In order to ensure that the burden is shared equally, we have also discussed the need for a major reduction in the size of government. The National Secretary of UTAG suggested that certain of the major programs would need to be severely examined.
Several organizations had publicly expressed their opposition to the debt exchange program.
The Domestic Debt Exchange Program for Ghana was started on Monday to get the nation's debt under control.
Due to the debt restructuring, domestic bondholders will receive interest payments that are zero percent in 2023 and five percent (5%) in 2024.
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