The Ghana Mineworkers’ Union (GMWU) is stepping up pressure on the government and the Bank of Ghana to resolve the long-standing issue of savings belonging to more than 19,000 miners trapped in collapsed financial institutions.
Members of the Union’s National Executive Council are demanding the release of the funds, which include provident and welfare contributions, leave savings, individual deposits and severance packages.
The GMWU said the affected miners had entrusted their money to financial institutions that were licensed and regulated by the Bank of Ghana and should therefore not be left to suffer the consequences of the financial sector clean-up.
According to the Union, the continued delay in settling the claims has caused significant hardship for workers who have been waiting for access to their savings.
The Union criticised the Bank of Ghana’s handling of the issue, arguing that depositors who complied with the financial system should not be made to bear the cost of the collapse of regulated institutions.
It said its concerns had remained unresolved despite assurances from successive Bank of Ghana governors and commitments referenced in IMF reports in 2023 and 2024.
The GMWU also cited the position of Finance Minister Cassiel Ato Forson, who, according to the Union, has maintained that the Bank of Ghana must first recover assets belonging to the affected financial institutions before using the proceeds to settle depositors.
The Finance Minister has also indicated that the Ministry of Finance currently does not have the resources to directly settle the outstanding claims, the Union said.
The GMWU, however, maintains that the financial difficulties facing government should not indefinitely delay payments to miners whose funds have remained locked up for years.
The Union is therefore seeking a coordinated solution involving the government and the Bank of Ghana to ensure that the affected workers receive their money.
As part of its renewed campaign, the Union is expected to petition the Minister of Finance, the Governor of the Bank of Ghana, Dr Johnson Asiamah, and the Minister of Lands and Natural Resources, Armah Kofi Buah.
The petition is expected to formally present the concerns of the affected miners and push for concrete steps towards recovering and releasing their locked-up savings.
The GMWU says resolving the matter is essential not only to provide relief to the affected miners and their families but also to restore confidence in Ghana’s regulated financial system.
