The Public Services Workers Union (PUWU) is advocating for the use of workers’ pension funds to finance the nation’s power production sector.
This, in PUWU’s view, could present an alternative to government’s plan to list the Volta River Authority (VRA) and the Ghana Grid Company (GRIDCo) on the stock exchange as part of its master plan for the electricity sector.
Government said this would strengthen the power sector along with the competitive procurement process, thus reducing the cost of power projects and ensuring value for money.
Speaking on Eyewitness News, the General Secretary of the Union, Richard Ampabeng said other countries have succeeded using pension funds.
He noted that “everywhere in the world, especially Canada that I know of, they make use of their workers’ pension money because this is long-term money and they use it in listing their electricity. The UK itself is using their workers’ pensions in driving the companies that are coming to Africa to privatise our electricity.”
“So why can’t we as a nation say that we are listing these companies but strategically, we are using our pensions to run it so that everybody will now own this company?”
Mr. Ampabeng, however, stated that governments openness to engagement and consultation on the matter was in the right direction.
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