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Report by Bernard K DADZIE
The Pensioner Bondholders Forum for the Protection of Pensioner Investments has petitioned the government of the Republic of Ghana headed by Nana Akufo Addo to exempt all pensioners holding government bonds from the Domestic Debt Exchange Programme DDEP.
According to them, the basis for the exemption of Pension Funds was to ensure that pension incomes to would-be retirees are not impaired for them to become a burden on others when on retirement.
“We believe strongly that the basis for the exemption granted to pension funds holds good for the exemption of the investments of pensioners in government bonds from the DDEP. We, therefore, hereby passionately appeal to your good office to exclude all pensioner government Bondholders from the DDEP as the impact of the programme on pensioners who are Bondholders will be very severe.”
Speaking at a Press conference on Wednesday, January 11, 2023, at VAG Hall in Accra, Dr Adu A. Antwi, FCA, Esq. Convener emphasized that pensioners have no regular source of income to support them in terms of their feeding, buying regular medications, paying medical bills and meeting other critical expenses.
“Most of us have made investments in the government of Ghana securities with the expectation that the coupons will supplement the meagre pensions we receive through Tier One Pensions Scheme under the Social Security and National Insurance Trust (SSNIT).”
According to Convener Adu Antwi, these government bonds are considered everywhere as gilt-edged and the safest securities to invest in and as pensioners, they had the greater motivation to invest in these securities for both safety and liquidity considerations.
He hinted, “Our monthly pensions from SSNIT have been eroded by inflation to the extent that these coupons become our core income while waiting for the payment of the principal amount upon maturity.”
To Dr Adu Antwi given the Amended and Restated Exchange Memorandum terms of the DDEP which extends to 15 years, a lot of us (pensioners), who are equally vulnerable in society, will not live long enough to receive our investments in these government securities,” he said.
Pensioner Bondholders Forum is a forum for the protection of pensioner investments that has a membership of over 200 pensioners and growing. The forum serves as the mouthpiece of all retirees across the country who have invested in government bonds.
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