TUTAG rejects debt exchange program
The Domestic Debt Exchange initiative of the Ministry of Finance has been condemned by the Technical University Teachers’ Association of Ghana (TUTAG), which argues that this action defies investment logic.
It follows a similar statement from the Ghana Medical Association, which asserts that the policy will negatively affect the provision of healthcare.
In a statement released on December 7, TUTAG stated that if the government adopts its proposal, retirement contributions of members invested in government bonds and pension benefits could suffer.
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The government unveiled a program on Monday that will reduce bond interest in 2023 to a zero percent coupon rate.
According to reports, the action is a requirement for an IMF economic recovery program.
Below is the release statement from TUTAG:
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