The Ghana Medical Association (GMA) has cautioned the Ministry of Finance and government for that matter not to attempt to reclassify the GMA's pension fund as something other than a Pension Fund and place same under the Domestic Debt Exchange Programme (DDEP) because such a move will be fiercely resisted.

The GMA said it has noted with concern the attempt to classify only funds regulated by the National Pensions Regulatory Authority as Pension funds in the 2nd Amended and Restated Exchange memorandum from the government regarding the DDEP dated, February 3, 2023.

The GMA noted that its pension fund was set up in 2002 to augment the meagre pensions medical doctors receive on retirement.

“It's set up and operation, thus, preceded the coming into force of the National Pensions Act, 2008 (Act 766) and the subsequent implementation of the 3-Tier Pension Scheme in 2010,” a statement from the Association explained.

It said its pension fund has served as one of the tools to attract more doctors to stay and serve in Ghana despite the paltry salaries and pensions they receive.

“It has since its inception operated as a pension fund with benefits paid out only upon retirement as per the trust deed. No withdrawal is permitted before retirement. It is also instructive to note that the GMA's pension fund does not give loans or overdrafts. From the forgoing The GMA's pension fund is and still operates as a pension fund for doctors in Ghana,” the statement said.

It reminded the government that per the agreement between the government and organised labour, of which the GMA is a member, signed on Thursday, 22nd December 2022, with the Minister of Finance, Mr. Ken Ofori-Atta and Ignatius Baffour-Awuah, Minister of Employment and Labour Relations, executing same on behalf of the government and Dr. Anthony Yaw Baah, Secretary General of TUC, on behalf of Organized Labour, Paragraph 1 stated that: "Government has decided to grant exemption to all pension funds in the DDE programme".

In line with this, the GMA noted that its pension fund is duly exempted and does not fall under the current DDE programme.

The Association has, thus, cautioned the government 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.