Ghana Exempts Pensions From Debt Swap After Union Negotiations
- Union had threatened to strike over loss of workers’ savings
- Pension funds hold 5.5% of domestic government bonds
Informal vendors on a footbridge at the Kaneshie Market Complex in Accra.
Photographer: Nipah Dennis/BloombergThis article is for subscribers only.
Ghana exempted pension funds from a debt-restructuring exercise, bowing to pressure from unions which had threatened to strike in a bid to preserve their members’ savings.
Authorities and the country’s biggest labor group, Trades Union Congress, announced the decision late Thursday following meetings aimed at reaching an agreement, they said in a joint statement. The indefinite strike was meant to start from Dec. 27.