Skip to main content

Don’t engage government in debt exchange in current format – Pensions Chamber to Trustees, Employer Schemes

 


The Chamber of Corporate Trustees (Pensions Chamber) has urged all Board of Trustees and Employer Sponsored Schemes not to engage government in the debt exchange programme in its current format until it has renegotiated a favourable term for the pensions industry.

According to a letter dated December 15, 2022, it said, since the announcement of the domestic exchange programme, the Chamber of Corporate Trustees on behalf of the pensions industry has been advocating for the pensions industry to be ring-fenced or the terms renegotiated.

As at today, 15th December 2022, the Pensions Chamber has written to the Minister of Finance to extend the deadline of the Domestic Exchange programme by one month to allow for the renegotiation of the debt by the domestic bondholder committee”.

“We would therefore advise your schemes not to engage in the debt exchange in the current format until we have renegotiated a favourable term for the pensions industry”, it explained.

As you are aware, seeking for better terms would be the best expression of our fiduciary responsibility to our members”, it further noted.

The chamber assured all Board of Trustees and Employer Sponsored Schemes that it is advocating for the interest of the pensions industry and “the future Income Security of our contributors when they retire”.

“We would subsequently update you on the outcome of the proposal negotiation and any change to our decision”, it stressed.

“We count on you usual cooperation”, it concluded.  

Don’t engage government in debt exchange in current format - Pensions Chamber to Trustees, Employer Schemes

 

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more