NPP gov't has protected jobs and improved on existing incomes of workers — Nana Addo

According to him, the government has also improved the existing incomes of workers and pensioners alike.

Speaking to the Trades Union Congress (TUC) on the occasion of the May Day celebration in Bolgatanga on Monday, May 1, 2023, he said the government is incessantly working to turn around the ailing economy.

He stated that the government is aware of the impact of the Programme on workers and as such aimed to explore other beneficial options within debt sustainability limits with the cooperation of both Government and Organised Labour.

He recounted that organised Labour appealed to Government for the payment of Cost-of-Living Allowance (COLA) for public sector workers to cushion them against the difficult economic conditions.

Nana Addo assured organised labour that the pension funds of its members are safe as the government continues its Domestic Debt Exchange Programme (DDEP) aimed at securing an IMF deal.

"In undertaking the Domestic Debt Exchange Programme, we have been very mindful of its potential impact on the pension funds of workers. We will not act in any way to short-change workers in protecting their pensions.

"In this regard, within global risk management practice, the options should include diversifying the portfolio of pension funds from the current 70% in government paper to real sector investments including rail, housing, urban transportation, motorways, and airport as is done by other pension funds," he added.

He indicated that the government's policy responses have been targeted at restoring macroeconomic stability, ensuring debt sustainability from the short-term mitigation options.