Don’t dare touch our funds – GNAT warns gov’t over Debt Exchange

The Ghana National Association of Teachers (GNAT) has issued a word of warning to the government not to dare touch any funds meant for its members, both active and retired.

The Association said not only will such a move to touch teachers’ investment funds be suicidal, but also it will throw the country into industrial disturbances.

This caution was contained in a statement issued by the Association on Wednesday, December 7.

The statement is in reaction to the recent announcement by the Minister of Finance, Ken Ofori-Atta, about a new Debt Exchange Programme in efforts to save the ailing economy.

Under the Programme, domestic bondholders will be asked to exchange their instruments for new ones.

But GNAT has served notice that it is not interested in any exchange whatsoever.

“Pursuant to this, we wish to state unequivocally that we are not interested in any exchange of domestic notes and bonds of the Republic, be it ESLA Plc, Daakye Trust Plc and our stance is non-negotiable,” the statement signed by GNAT’s General Secretary, Thomas Tanko Musah, indicated.

The Association said it has high interest in the domestic bond market as a result of investments like the Teachers Fund, Tier-3 Pension Scheme and the Ghana Education Service Occupational Pension Scheme (GESOPS) done for its members.

Government, in launching the Programme on Monday, December 5, rallied for “support” and “understanding” to make it successful.

But GNAT, in rejecting this, said the investment schemes were made to “make our members live meaningful lives”.

“We wish to make it clear to the Government of Ghana, that it should address the economic challenges facing the country not at the expense of the Ghanaian workers and the general population.

“Prudence in government expenditure, thrift, reduction in size of government, among others could all go to address Ghana’s economic woes.”

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