Ken Ofori-Atta
The Ghana Medical Association (GMA) wants the Minister of Finance Ken Ofori-Atta to abandon any plan to include its members’ Pension Funds in the Domestic Debt Exchange Programme (DDEP).
According to the Association, any attempt to include GMA’s Pension Funds in the Programme “shall be resisted fiercely with very drastic actions that will certainly disrupt the industrial harmony nationwide”.
The association’s threat is contained in a press statement issued a day before the final deadline for the Programme expires on Friday February 10, 2023.
Albeit government haa arrived at a consensus with Organised Labour to exempt all pension funds from the Programme, some members of Labour still believe some retirement packages are being reclassified to be included in the Programme.
According to them, funds regulated by the National Pensions Regulatory Authority (NPRA) will be the only ones classified as Pension Funds as contained in the second Amended and Restated Exchange Memorandum.
However, GMA insists that its pension funds, set up in 2002, predates the National Pensions Act, 2008 (Act 766) and serves as the only incentive keeping doctors in Ghana.
“It has since its inception operated as a Pension Fund with benefits paid out only upon retirement as per the trust deed,” the statement jointly signed by GMA President Frank Serebour and General Secretary Titus Beyuo said.
“No withdrawal is permitted before retirement.
“It is also instructive to note that the GMA’s Pension Fund does not give loans or overdrafts.”
The mother doctors’ labour union said by the agreement signed with the Secretary-General of the Ghana Trades Union Congress (TUC) last year, the government was exempting doctors’ pensions as well.
“In line with this, the GMA Pension Fund is duly exempted and does not fall under the current DDE Programme.
“The GMA takes this opportunity to strongly caution the Ministry of Finance and government for that matter, and in no uncertain terms that any attempt to reclassify the GMA’s Pension Fund as something other than a Pension Fund and place same under the DDE Programme, shall be resisted fiercely with very drastic actions that will certainly disrupt the industrial harmony nationwide.”
By Vincent Kubi