The Government has announced an agreement that an agreement has been reached with Organised Labour to exempt all pension funds from the Domestic Debt Exchange programme announced on December 5, 2022.

The decision is contained in a memorandum of understanding made between the Government and Organised Labour, Thursday, December 2022.

The MOU comes at the back of a meeting between Organised Labour, the Ministry of Employment and Labour Relations, the Finance Ministry, the National Security Ministry, and the various stakeholders involved on Thursday, December 22.

According to the MOU, the decision to exempt pension funds shall be subject to the government and Organised Labour working together to explore mutually beneficial options within the debt sustainability terms.

However, a seven-member committee has been constituted to explore technical solutions to ensure that Ghana's debts become unsustainable.

The Committee comprised four representatives from Government and three representatives from Organised Labour who will submit a report on December 28.

“We believe that Government and Organised Labour can work together in the spirit of social partnerships to resolve all outstanding issues to make the Debt Exchange Programme successful towards the restoration of macroeconomic stability and economic recovery,” the MoU stated.

Read the MOU below