The Finance Minister, Ken Ofori-Atta is whipping up a sense of patriotism in unionized bodies as the country leaps a major hurdle in its quest to secure a $3 billion bailout with the International Monetary Fund (IMF).
Government announced a staff-level Agreement with the International Monetary Fund for a new three-year arrangement under the Extended Credit Facility (ECF) on Tuesday.
Addressing the media, the Finance Minister was upbeat about the agreement when it is finally approved by the IMF Board.
“Truly, the eventual conclusion of the program will assist us in our efforts to restore stability, tackle inflation, and strengthen our currency.”
Prior to this announcement, the minister on December 5 introduced a Debt Exchange Programme, which aims at issuing new bonds to domestic debt holders in exchange of approximately GHS137 billion of existing notes and bonds voluntarily.
But the programme has faced round rejection by organised labour. They have kicked against the imposition of cuts on pension funds as part of the debt exchange programme aimed at supporting the country’s economic recovery.
They include the Ghana National Association of Teachers (GNAT), Ghana Registered Nurses and Midwives Association (GRNMA), the National Association of Graduate Teachers (NAGRAT), Ghana Medical Association (GMA), Ghana Chamber of Commerce and the Trades Union Congress (TUC).
But Mr Ofori-Atta has told journalists the government will continue to engage organised labour to come to a mutual understanding with them before the deadline for the debt exchange programme next week.
“We are certainly listening, we have had a lot of engagements and we will continue with the unions and really also all of us asking ourselves whether an orderly process to where we want to go is what we all seek and within that what sacrifices and burden sharing that we have,” Mr Ofori-Atta said.
