Features
Why this unnecessary burden on pensioners and individual bond holders in the country?
Treasury Bonds are medium term debt instruments (Securities) issued by the Government of Ghana and sold to individuals or companies to raise funds for a specific time at a fixed or variable interest rate. The bonds have maturity periods exceeding two years.
Over here in Ghana, there is no upper limit but a maximum limit of GHc500.00 is required for the purchase of a bond. It generally includes a commitment to pay periodic interest called coupon payment and to repay the face value on the maturity date.
BENEFITS FROM BONDS
Unlike savings, bonds, especially those from government and major companies tend to be a safe investment. They can offer much higher return than savings account. The nature of this facility, has encouraged the majority of companies and individuals to rope onto the scheme with the intentsion of recouping sizeable interests to support them in various ways and endeavours. Even most employers in the country have taken advantage of the immense benefits to register their workers on the scheme.
In recent times, the government in its determination to revive the country’s ailing economy, has adopted a number of measures including a suspension on payment of external debt.
It,therefore, announced a Domestic Debt Exchange Programme which requires institutional holders of eligible bonds to agree to writing to the Central Securities Depository (CSD) to exchange their current holdings to new ones.
DOMESTIC DEBT EXCHANGE AND PENSION FUND
Initially, the government announced that Pension funds would be included in the debt exchange programme but Organised Labour, stood firmly against the decision which many believed was part of the conditions spelt out in the International Monetary Fund (IMF) laid out processes for the economic bailout. Organised Labour including the Civil and Local Government Staff Association of Ghana (CLOGSAG) and the Industrial and Commercial Workers Union (ICU), had all rejected the government’s attempt to include the pension funds in the debt exchange program.
According to organised Labour, it was against the law for the government to touch the pension funds. While CLOGSAG and the Ghana Medical Association (GMA) served notice that members would embark on industrial action, should the government fail to heed their call, the ICU also stated that it would be compelled to join other labour unions to demonstrate against such measures by the government.
After series of meetings between the government and Organised Labour on that thorny issue, the general consensus was to exempt the pension funds from the debt restructuring programme.
Hear the Minister of Employment and Labour Relations Mr. Ignatius Baffour Awuah, on the outcome of the meeting on Thursday, December 22, 2022. “Government and the organised labour will work together to resolve all issues to make the program successful towards the restoration of macroeconomic stability of the country.”
INDIVIDUAL BONDHOLDERS
It is surprising to know that after the attempts to include the pension funds on the debt restructuring programme had failed, the government has now turned its attention on individual domestic bondholders, as part of measures to salvage the ailing economy.
In the latter part of December last year, the government invited individual bond holders to exchange their old bond holdings for new ones with extended maturity in a domestic debt exchange programme. The invitation to this exchange programme, expired on January 16, 2023, at 4 pm, but the deadline has been extended to 31st January, 2023, at 4 pm.
According to the government, this exchange programme, would allow the country to restore sound public finance and sustainable debt levels and to kick-start economic growth, following the impact of COVID-19 pandemic. It noted that the alternative to the debt exchange would be far worse economic crisis with protracted closure from international markets, including imported goods and services, and further domestic both for the real economy and the financial sector. It would also mean depleted fiscal resources to support the neediest.
INITIAL EXEMPTION OF INDIVIDUAL BONDHOLDERS
It is recalled that individual bondholders were initially exempted from the Domestic Debt Exchange Prrogramme that the government launched on Monday, December 5, 2022.
However, the Finance Minister, Mr. Ken Ofori-Atta, in announcing the exemption of pension funds from the Debt Exchange Programme in response to recommendations by major stakeholders on December 22, 2022, said it would come at a cost.
It is important to state that the government has reached staff level agreement with its negotiation with the IMF for a three-billion-dollar bailout. Therefore, the amendment in debt Exchange programme is necessary to reach a Management and Board levels agreement with the IMF.
THREATS OF LEGAL SUIT AGAINST GOVERNMENT
This latest development has sparked off threats of legal suit in court by individual bond holders against the government. According to the Vice President of IMANI, Ghana, an Economic Think Tank, Bright Simons, three groups representing individual bond holders, have commenced mobilisation to file legal suit against the government for including individual bond holders in the Debt Exchange Programme. He explained in a tweet that individual/retail investors to Ghana’s debt default would increase the risk of litigation.
While some of these individual bond holders have threatened to commit suicide if the government fails to heed their call to rescind its decision of including their bonds on the debt exchange programme, since the benefits from that investments are the source of their livelihood and, therefore, taking them away from them mean, killing them softly, others have complained that profits from the bonds, are what they depend on to cater for their families, including their children’s school fees.
According to them, times are hard and the cost of living is unbearable, hence the profits from their investment are what they use to cushion themselves.
A number of prominent personalities including the Majority Leader in Parliament have cautioned against this latest move to involve individual bond holders in the Domestic Debt Exchange Programme, saying it is dangerous for the country’s development.
According to Mr Osei-Kyei-Mensah Bonsu, the progamme could wipe out the middle class and negatively affect the savings culture of Ghanaians. He has suggested that the Finance Minister should properly engage with the major stakeholders.
The Minority caucus in Parliament has also called for total suspension of the Domestic Debt Exchange Programme and suggested a national economic crisis dialogue by stakeholders to discuss the whole issue, including the individual bondholders matter.
ECONOMY IN SHAMBLES
It is a fact that the economy is in a state of comma and our doctors will simply put it that it is receiving serious medical attention at the Intensive Care Unit (ICU) at a medical facility with all the life supporting gadgets including oxygen and drips fixed on it. The moment, you dismantle these supporting gadgets, means death.
It is so sad that, managers of our economy have supervised the economy to that extent of deterioration, despite other natural factors like COVID-19 and Russian-Ukraine war, which they have always relied upon to defend themselves anytime they are criticised.
What is amazing, is for the fact that our finest economists and financial analysts, keep giving pieces of advice to government that will help revamp the ailing economy, but because of political expediencies, these practical and reasonable advice and suggestions are constantly ignored and left in the burner, hence the situation we find ourselves at the moment.
What we have to do as a nation which is interested in building a sound and progressive economy to rub shoulders with other advanced nations in the world, is for us to unite and push party affiliations to the background and collectively pool ideas to build this country after all, this is the only country we have and nowhere else to go.
SUFFERING GHANAIANS NEED TO BE SPARED
The people are, indeed, suffering in the midst of economic difficulties and other challenges. The cost of living is unbearable, prices of goods and services continue to escalate daily, inflation is terribly high, the cedi which appreciated against the United States of America (USA) dollar during the Christmas period is beginning to depreciate, fuel prices, although reduced a little is not the best, insurance premiums and other road worthy taxes are astronomically high.
In the midst of all these economic challenges, the government cannot continue to burden the citizens with policies that are inimical to their progress. That cannot be tolerated whatsoever in any civilised country such as Ghana.
The government should find alternatives to address the present economic challenges and stop these unnecessary ad hoc and indirect measures to mitigate the numerous economic problems.
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By Charles Neequaye
Conflict at work is more common than you might think. According to 2022 research by The Myers-Briggs Company, more than a third of the workforce reports dealing with conflict often, very often, or all the time in the workplace. The same report found that managers spend an average of four hours per week dealing with conflict, and nearly 25 per cent of people think their managers handle conflict poorly or very poorly.
Addressing a dispute might feel tense or awkward, but resolving the conflict is typically well worth it in the long run. Whether you’re trying to mediate conflict between colleagues or are directly involved, here are seven steps you can take to manage workplace conflict.
1. Don’t put it off
Facing conflict head-on is hard. However, waiting too long to address it can negatively impact your emotional well-being, focus, and the entire office environment. If you’re feeling angry, letting that emotion fester can also escalate it over time. This can make you less responsive to other points of view and make it harder to resolve the issue.
The sooner you can address the conflict, the better it will be for you, the person you disagree with, and your entire team.
2. Learn all you can about the problem
It’s important to determine the type of conflict you’re dealing with. Begin by considering the cause of the conflict. For example, ask yourself whether someone said something that upset you or if you have emotions of anger and resentment that stemmed from something that happened.
Then try to identify if it’s a task, relationship, value, or team conflict. Once you know what type of conflict it is, you can work to resolve it with specific tactics for that situation.
If you skip this step, you may waste time or escalate the situation further by trying to address issues irrelevant to the real conflict.
3. Actively listen
Listen attentively when people share their side of the story. Active listening is one of the most valuable professional skills you can possess. This type of listening involves not only hearing what the other person is saying but also listening to understand their point of view.
No matter your role in conflict, it’s easy to begin sharing your opinion with little regard for the other people involved. However, it’s important to learn about all sides of a disagreement to make well-informed decisions before drawing conclusions.
To reach a resolution, you must step back and prioritize listening over talking. Ultimately, that will encourage the other person to do the same when it’s your turn to speak. –source: betterup.com
Today, I focus on the Temple Of Praise Ministries International (TOP Church) in Helsinki, as I continue my description of personalities or institutions and their accomplishments as members of the Ghanaian Diaspora in Finland.
The TOP Church in Finland has seen significant strides and accomplishments that must be made known to the public. 
Some history
The Church was established in Finland in September 2016. Since its inception, it has steadily grown both spiritually and numerically, by the grace of God, as disclosed to me by Mr Matthew Anini Twumasi, the Presiding Elder of TOP’s branch in Finland. The TOP Church has other branches across Africa, Europe, and America.
The Church in Finland was founded with a vision to create a welcoming and dynamic community where people could experience God’s love and grace (see, www.topchurchfinland.org). According to Presiding Elder Matthew, the TOP Church operates within a unique environment where Christianity coexists with what is seen as a largely secular society.
Despite this, he submits, there are significant opportunities for outreach, unity, and demonstrating the love of Christ through service and community engagement.
Activities
Church services at the TOP Church are typically held on Sundays for the main worship. In addition, there are mid-week prayer sessions, Saturday prayer services, and a half-night service held on the last Friday of every month. “We also organise quarterly programs”, Elder Matthew added.
His impression of the Church so far has been positive. “It is a vibrant and welcoming community where members are committed to worship, fellowship, and supporting one another in faith”, he stated.
In sum, Elder Matthew said the Church continues to grow by God’s grace. “We remain hopeful and committed to spreading the Gospel, strengthening the faith of our members, and making a positive impact in society”, he continued.
Achievements
The TOP Church has a number of achievements and achievements. Some of the strengths include strong community bonds, cultural diversity, and deep commitment to spiritual growth.
I also remember that during the COVID-19 period, I heard that the TOP Church was one such bodies that hugely supported its members and others to cope with the situation.
According to Elder Matthew, the challenges facing the church include “adapting to cultural differences, engaging the younger generation, expanding outreach in a secular society, and securing a permanent place of worship”.
Role in the Ghanaian community in Finland
The TOP Church plays a prominent role as a religious group that serves Ghanaian migrants and others in the Finnish society.
Thus, the TOP Church is a religious body for Ghanaian migrants in Finland and other nationalities who want to worship with them for diversity and better intercultural and multicultural understanding.
The Church also has mechanisms in place to support its members who are bereaved as a way to commiserate with them in times of death and funerals.
The Ghanaian community has played a vital role in the growth of the Church. Their strong sense of fellowship, dedication to worship, and active participation have helped build a solid foundation and attract others to the ministry, according to Elder Matthew.
Integration
By its activities, the TOP Church is helping to ensure integration of its members well into the Finish society.
This is important since social interaction and citizens’ well-being are an important part of the integration process.
The role of migrant associations and groups such as TOP Church acting as bridge-builders for the integration and inclusion of migrants through participation in the decision making process and by acting as a representative voice is highly appreciated in Finland. Thank you!
GHANA MATTERS column appears fortnightly. Written in simple, layman’s terms, it concentrates on matters about Ghana and beyond. It focuses on everyday life issues relating to the social, cultural, economic, religious, political, health, sports, youth, gender, etc. It strives to remind us all that Ghana comes first. The column also takes a candid look at the meanings and repercussions of our actions, especially those things we take for granted or even ignore. There are key Ghanaian values we should uphold rather than disregard with impunity. We should not overlook the obvious. We need to search for the hidden or deeply embedded values and try to project them.
With Dr Perpetual Crentsil
