Sign up for government's alternative DDEP, it's better – PSWU urges affiliate organizations

The Public Service Workers Union (PSWU), is urging all affiliate organizations to sign up for the alternative Domestic Debt Exchange Programme, DDEP offered by the government in the face of the country’s economic crisis.

According to the PSWU, its technical evaluation of the new offer by the government has proven it to be far better and is in the best interest of public sector workers than was provided for in the earlier one and this alternative DDEP provides for the continuous availability of funds to bondholders to serve anytime they are due for compulsory retirement without let or hindrance.

The General Secretary of the PSWU, Bernard Adjei, gave the advice in an interview with GBC on the sidelines of the Ashanti Regional Delegates Conference in Kumasi.

The quadrennial Ashanti Regional Delegates Conference of the Public Service Workers Union, PSWU is mandated by the Constitution of the Union to organize such events every four years to allow members to choose their new leaders for the ensuing four years.

The delegates who have converge on Kumasi from all parts of the Ashanti region, also reviewed activities of the Union since 2019, approved the statement of Account, developed a new Plan of Action with the election of a new leadership being the highlight.

In his address to the Conference, the Ashanti Regional Chairman of the PSWU, Kofi Agyare Boateng, urged unionized workers to always stand united in order to make the union vibrant so as to influence workplace policies and decisions in their favour.

There was a solidarity message by the Ashanti Regional Council of Labour with the Regional Chairman, Daniel Aquah commending highly the Ashanti regional branch of the PSWU for their level of commitment to labour movement.

In an interview, the General Secretary of the PSWU, Bernard Adjei, advised affiliate organizations of the Union to sign up for the government’s alternative Domestic Debt Exchange Programme that has targeted Pension Funds to create fiscal space for the national economy.

Mr. Adjei noted that government’s ability to honour its latest bond coupons is a confidence booster for investors.

According to him, the failure of any organization to sign up for the alternative Debt Exchange Programme would be at the expense of its staff such that, with time, the existing Bond could become worthless and lead to loss of investment or pension Funds.

In a related development, the PSWU is calling for an urgent review of the existing Pensions Law that mandates Pension Fund Managers to invest a minimum of 70 percent in Government Bonds.

In the view of the PSWU, the recent economic happenings on the bonds market have proven that, unlike before when investing in government’s securities was accepted as the safest, investment in such Bond, realities of the time have proven otherwise hence the need for workers to determine their preferred investment and future financial positions.