The Ghana Labour Federation has recommended a 50% haircut on the salaries and emoluments of Article 71 Office Holders as part of the Debt Restructuring Programme.
According to the Labour Federation, the haircut will reduce the pressure on the public purse. The issues of the Debts Exchange Programme have raised many concerns.
Individual bondholders have also recommended another way for the government to protect the country’s ailing economy. According to them, they will fight to protect their stock value.
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These include the President and Vice, the Speaker of Parliament, the Chief Justice, and Justices of the Supreme Court, with salaries charged to the Consolidated Fund and enjoying special constitutional privileges.
Mr Abraham Koomson said this at the Ghana News Agency Industrial News Hub platform at Tema. He added that Ghana is encountering financial challenges, therefore, Article 71 Office Holders could not sit aloof.
Speaking on the Government’s debt restructuring, he recommended the payment of ex-gratia must also undergo an overhaul. He suggested about a 70 per cent cut and that the ordinary person could not be made to suffer the crisis alone.
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Mr Koomson advised that the Debt Exchange Programme should be undertaken with caution. He stated that it should not push people in the middle and lower classes into poverty. Citing that would harm national development.
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