CLOGSAG embraces govt’s new debt exchange proposal

 The Civil and Local Government Staff Association, Ghana (CLOGSAG) has opened up to government’s fresh proposals on the alternative offer for pension funds.

Executive Secretary Isaac Bampoe-Addo told TV3‘s Labour Correspondent Daniel Opoku on Thursday, April 20 that the new deal will not affect payment of benefits to their members when they retire.

“Based on our investment portfolio as Hedge Pension Trust, anytime any of our retirees goes home, we are in a position to pay them their benefits,” he confirmed.

“So, I have explained to them that every scheme has got its portfolio [and] our investment portfolio is so robust and per the mix we have in our portfolio, we will be able to satisfy all our cash flow in it.”

Mr Bampoe-Addo added that his position has not changed despite a warning by Organised Labour for all labour unions and fund managers to stay away from the new proposal.

Government is said to have written to the Board of Trustees of the Pensions Fund to participate in the New GOG Proposed Alternative Offer for Pension Funds.

Already, some labour unions like the University Teachers Association of Ghana (UTAG) have served notice its members will not participate in the new deal.

After a meeting on Thursday, April 20, Organised Labour served notice to ensure the safety and security of pension funds of all workers.

“The leadership noted an MoU signed by government on 22nd December 2022 and in that MoU Organised Labour and government agreed to grant exemptions to all pension funds in the domestic debt exchange programme.”

Spokesperson Dr Anthony Yaw Baa, therefore, called on the Board of Trustees of all Pension Funds “not to honour the invitation to participate in the so-called alternative offer for Pension Funds”.

Source: 3news.com