Teacher union kick against domestic debt exchange policy

The Ghana National Association of Teachers (GNAT) following the central government’s decision to introduce a domestic debt exchange programme has said teachers are not interested in the exchange of any domestic bonds.

“GNAT, is an interested stakeholder in the Domestic Bond Market, running the Teachers Fund with its subsidiaries, the Tier-3 Pension Scheme and the Ghana Education Service Occupational Pension Scheme (GESOPS) for its members

We have initiated the aforementioned financial schemes to make our members live meaningful lives. It would therefore be suicidal for any government to touch our funds and unruffle our teachers financially, both in active service and retirement

Pursuant to this, we wish to state unequivocally that we are not interested in any exchange of domestic notes and bonds of the Republic, be it ESLA Plc, Daakye Trust Plc, and our stance is non-negotiable,” It said in a statement.

The teacher union in the press release shared with AcademicWeek.com has urged the government to address the economic challenges facing the country, not at the expense of the Ghanaian workers and the general population.

Among other problems contributing to the worsening economic situation, GNAT said prudence in government expenditure, thrift, and reduction in the size of government could all go to address Ghana’s economic woes.

“We hereby inform our members (teachers) that the Ghana National Association of Teachers, GNAT, has not been invited to any discussion on Domestic Debt Exchange, and our stance remains unwavered,” the teacher union said.

The leadership of the union has assured teachers that their contributions and savings remain intact saying it shall fiercely and vigorously resist any attempt to touch the said contributions and savings by the central government.

“We shall fiercely and vigorously resist any attempt to touch the said contributions and savings by the government under any Debt Exchange, Debt Structural Adjustment or whatever measure which would short-change our members

The leadership of the GNAT, finally sounds this note of caution, that the contributions and savings of Teachers, should not be touched, and that failure to heed this caution would throw the country into industrial disturbances,” It added.