A development economist with the University of Ghana Dr Hayford Mensah Ayerakwa has called on officials of the Ministry of Finance to immediately meet agitating parties kicking against the government’s domestic debt exchange programme.
Ayerakwa said such a move is critical ahead of reaching a staff level agreement with the International Monetary Fund (IMF) for a US$3 billion support to revive the economy.
At least seven labour unions – Teachers and Education Workers’ Union (TEWU), Ghana National Association of Teachers (GNAT), Ghana Registered Nurses and Midwives Association (GRNMA), National Association of Graduate Teachers (NAGRAT), Ghana Medical Association (GMA), Ghana Chamber of Commerce and the Trades Union Congress (TUC) – have raised red flags over the programme.
“I want to encourage and admonish the Ministry of Finance to as a matter of urgency engage these groups as soon as practicable, so that clarity can be brought to bear,” Ayerakwa said on Asaase 99.5 Accra’s news analysis and current affairs show – The Forum – on Saturday (10 December)
“Yes, it’s their money, but like it’s been said, nobody is being coerced into accepting the debt exchange programme. It’s a voluntary programme, but it has implications if you don’t subscribe to the offer on the table,” he told sit-in host Wilberforce Asare.
“If you go to the bank and the bank does not have liquid to be able to sort you out, that becomes problematic, and your members are going to suffer the most, but if you subscribe to these, it gives the bank that leverage to go to the central bank for liquidity support,” he added.
Intensify education of debt exchange programme
Meanwhile, the Institute of Statistical, Social and Economic Research (ISSER) has suggested to the government to step up education on its newly launched debt exchange programme.This, according to ISSER will help Ghanaians appreciate and understand the programme for a possible buy-in.
The Ghana Medical Association has, however, kicked against the programme adding that it will affect pension funds and subsequently health care delivery.
Speaking on the Asaase Breakfast Show on Wednesday (7 December) executive director of ISSER, Prof Peter Quartey said Ghanaians must sacrifice now to help address the current economic challenge.
“There is no doubt that this programme is a bitter pill to swallow … But it is important that we swallow this pill now rather than wait for a later time when things will definitely get worse,” he said.
“The NCCE should be equipped to head out and educate people; let them understand the reality on the ground and why certain decisions are being made. This will go a long way to help reduce panic.”
He added, “I will like to urge citizens and unions to allow cool heads to prevail. A multitude of factors have led us here and it is important that we focus on consensus to make it out of this situation.”
Tune in or log on to broadcasts online: www.asaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming: facebook.com/asaaseradio99.5. Also on YouTube: Asaase Radio Official.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.
#AsaaseRadio
#TheVoiceofOurLand
