DDEP: Provide “safety net” for poor pensioners to avert deaths, says Professor Adei

Professor Stephen Adei, an educationist and economist, has suggested that the government revise the threshold for pensioners who may be affected by the ongoing Domestic Debt Exchange Programme.

Adei argues that this will ensure that those who are vulnerable and financially unstable are exempted from the programme.

The Ministry of Finance on Monday extended the deadline to register for its domestic debt exchange to 31 January 2023, in order to “secure internal approvals” from the financial sector.

Speaking to Beatrice Adu on The Big Bulletin on Asaase 99.5 Accra on Monday (16 January), Adei warned that the country risks losing lives in the coming weeks if the government fails to review the threshold for pensioners.

“The pensioners – my colleagues – it is because when we got our lump sum, our life investments, we invested it into government bonds. So that is what is now at stake …” he said.

“There must be a threshold, so that there is a certain minimum. Other than that, some of my colleagues will physically die in a [few] weeks … it is a very serious matter.”

Listen to Professor Stephen Adei in the audio clip attached below:

Poor communication

The economist wants the government to step up efforts in educating Ghanaians on which categories of individuals are likely to be affected by the debt exchange programme.

“So much is being said without people understanding it,” Professor Adei said.

“We are talking about young people like you who are yet to go for pension and have invested in the bonds for their future.

“Communication has been terribly bad,” he said.

Exempt pensioners

Meanwhile, Professor Lord Mensah, an associate professor at the University of Ghana Business School, has advised the government to exempt pensioners from its Domestic Debt Exchange Programme.

Mensah argues that the quantum of bonds held by pensioners is insignificant, and so offering them an exemption is not only right but will not make a significant difference to the government’s attempts to raise revenue.

Speaking to Kwaku Nhyira-Addo on the Asaase Breakfast Show on Monday (16 January), Mensah said: “I will prefer we exempt pensioners and the disabled, because usually these are people [of whom] you know very well that generating economic activities around themselves will be very low.

“So, I will plead with the government: I don’t think the quantum of bonds that they are holding within the entire debt structure will be so much,” he said. “I don’t think they will exceed GHC3 billion.”

Fred Dzakpata

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