Opposition to debt exchange programme not surprising – Ofori-Atta

The Minister for Finance, Ken Ofori-Atta has said that the agitations and oppositions of organized labour are usually expected in the implementation of initiatives such as the domestic debt exchange programme.

Speaking at a press conference after the Government reached a state-level engagement with officials from the International Monetary Fund (IMF), Mr Ofori-Atta said though such oppositions are expected occurrences, the programme will regardless continue to enable the Government to protect the value of pensions in the country.

“It is not a very surprising position [taken by the opposers of the programme] because all of these things are shocks that we need to analyse and then make determinations as to how best to move forward as a nation because it destabilizes the macro environment which is the greatest enemy to the value of our pensions.”

Unions such as the Trades Union Congress have been instructive with the Government with regard to the programme, warning the Government not to touch the funds of its members but Mr Ofori-Atta said “I think that is what we need to juxtapose and then come to some conclusions and implement the programme.”

Mr Ofori-Atta said it is time for the Trade Union Congress and its affiliate groups to tone down on their opposition and share the burden with the Government to revive the economy.

There has not been a day without a union complaining of not being consulted and proceeding to reject the programme since it was announced, but the Government defends saying the managers of bonds and respective financial institutions have been engaged prior to the announcement.