PRESS RELEASE: GNAT REACTS TO FINANCE MINISTRY’S DOMESTIC DEBT EXCHANGE AGENDA

PRESS RELEASE DATED DECEMBER 7TH 2022

GHANA NATIONAL ASSOCIATION OF TEACHERS REACTION TO THE REPUBLIC OF GHANA’S PRESS RELEASE BY THE MINISTRY OF FINANCE TITLED COMMENCEMENT OF DOMESTIC DEBT EXCHANGE DATED MONDAY, 5TH DECEMBER, 2022

 

The attention of the Ghana National Association of Teachers, GNAT has been drawn to the above document by which,

 

The Republic of Ghana, per its announcement on Monday, 5th December, 2022 inviting Eligible Holders to exchange approximately GH¢137.3 billion of the domestic notes and bonds of the Republic, ESLA PLC and Daakye Trust Plc, for a package of New Bonds to be issued by the Republic, (with) the terms and conditions of the invitation (as) described in the memorandum dated Monday, 5th December, 2022, and hereby reacts to the Press Release as follows:

 

The Ghana National Association of Teachers, GNAT, is an interested stakeholder on the Domestic Bond Market, running the Teachers Fund with its subsidiaries, the Tier-3 Pension Scheme and the Ghana Education Service Occupational Pension Scheme (GESOPS) for its members.

 

We wish to state categorically, that these are bold steps and initiatives taken by the Association to better the lives of its members (teachers) in active service, and retirement, taking cognisance of their salaries which are nothing but pittances and crumbs from the master’s table, and do not take them home, and the state of melancholy and abject poverty in which they live, given the sorry pension paid them by the Social Security and National Insurance Trust, SSNIT.

 

We have initiated the aforementioned financial schemes to make our members live meaningful lives. It would therefore be suicidal for any government to touch our funds and unruffle our teachers financially, both in active service and retirement. 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.

 

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.

 

We hereby inform our members (teachers) that the Ghana National Association of Teachers, GNAT, has not been invited to any discussion on Domestic Debt Exchange, and our stance remains unwavered.

 

We wish to assure them further, that their contributions and savings remain intact, and that we shall fiercely and vigorously resist any attempt to touch the said contributions and savings by Government under any Debt Exchange, Debt Structural Adjustment or whatever measure which would short-change our members, both in active service and retirement.

 

Leadership of the Ghana National Association of Teachers, GNAT, finally sounds this note of caution, that the contributions and savings of Teachers, should not be touched, that failure to heed this caution would throw the country into industrial disturbances.

 

THOSE WHO HAVE EARS, LET THEM HEAR!!

ISSUED BY GNAT HEADQUARTERS, ACCRA, THIS 7TH DAY OF DECEMBER, 2022

THOMAS TANKO MUSAH GENERAL SECRETARY

 

ALL MEDIA HOUSES

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