Economic Issues

Touching monies of pensioners is like touching blood money – Prof. David Millar warns Ofori Atta

Touching monies of pensioners is like touching blood money – Prof. David Millar warns Ofori Atta


Feb 9, 2023 7:18 AM

A former Pro-Vice Chancellor of the University for Development Studies(UDS), Professor David Millar has rejected calls by Finance Minister Ken Ofori-Atta to pension bondholders to subscribe to the Domestic Debt Exchange Program as a call to national duty to salvage the economy.

According to him, holding onto the money of old aged pension bondholders amounts to taking blood money which has severe consequences.

Finance Minister Ken Ofori Atta in an admonition to the pension bondholders to accept new coupon rates under the DDEP explained that failure to secure an International Monitory Fund board approval by close of March may result in the economy crashing, a situation he said cannot be allowed to happen.

The Pension Bondholders Forum have asked to be completely excluded from the Debt Exchange Program. Though the Finance Minister has announced new offers to the pension bondholders, they have rejected the offer.

The Finance Minister said the govern­ment, having listened to concerns of bondholders, was now offering all individual bondholders who were below the age of 59 years (Category A) instruments with a maximum maturity of five years, instead of 15 years, and a 10 per cent coupon rate.

For all retirees (including those retiring in 2023) (Category A) , he added they would get instruments with a maximum maturity of five years, instead of 15 years, and a 15 per cent coupon rate if they signed up.

But speaking in an interview on Dreamz Fm in Bolgatanga monitored by, Professor David Millar said pension bondholders like himself, have already paid their dues to the state and cannot be called upon to share in a burden that was avoidable.

“I think we have had enough of the Finance Minister. A call to national duty to do what? As long as we are concerned, we have paid our dues. We have all our lives; for over forty-fifty years we have been called to national duty. The mess that he (Ken Ofori Atta) is talking about, who got us there? For us there us nothing new and we have since stopped believing in the Finance Minister and by extension the economic management team led by Dr Mahamudu Bawumia and further extension the President,” he said.

While stating his resolve not to subscribe to the DDEP, Professor Millar intimated that the finance minister and the state will suffer the consequences of touching money that belongs to pensioners who have laboured and are surviving on their investments with government.

“We are in a suicide stage, we don’t care what happens anymore. We don’t trust the whole arrangement that he says he will be faithful to. Even if he days 100% in 1 year we still don’t trust it. Where will he be in the 5 years time? This is people’s blood, it’s blood money and you know what that does to you? It haunts you for the rest of your life. That’s why we don’t take terrorists money,” he fumed.

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