The debt exchange scheme proposed by the government is being rejected by the Ghana Registered Nurses and Midwives Association (GRNMA).
According to the Association, it is unreasonable for the government to prevent retirees from accessing their tier 3 assets after waiting 5 to 15 years for their investments to mature.
The GRNMA referred to the debt swap scheme as unjust in a statement signed by its president, Perpetual Ofori Ampofo, since it would put the bulk of the burden of the government's budgetary irresponsibility on retirees.
The planned debt swap scheme, which was revealed by the minister of finance on December 5, 2022, has left the leadership of the Ghana Registered Nurses and Midwives Association (GRNMA) shocked and disappointed.
"It is intolerable that a government that projects an inflation rate of 18% in 2023 is considering zero interest for pension funds of low-income, law-abiding residents throughout the same time frame."
On Monday, December 5, 2022, the government officially inaugurated the Debt Exchange Program in an effort to lessen the nation's debt load.
"Under the domestic bonds exchange programme, domestic bondholders will be invited to swap their instruments for new ones," stated Finance Minister Ken Ofori-Atta when introducing the scheme. Existing domestic bonds will be swapped on December 1, 2022 for a group of four new bonds with maturities in 2027, 2029, 2032, and 2037.
All of these bonds' yearly coupons will be fixed at 0% in 2023, 5% in 2024, and 10% from 2025 until maturity. In accordance with this, treasury bills are totally exempt, and all holders will be compensated for their investments in full when they mature. Individual bond holders won't be impacted, and there won't be any haircuts to bond principal. on Sunday, December 4, 2022, by Finance Minister Ken Ofori-Atta in a public speech.