Mineworkers’ Union Demands Release of Funds Belonging to 19,000 Miners

The Ghana Mineworkers’ Union is calling for the release of funds belonging to more than 19,000 miners whose savings remain locked up in financial institutions affected by the Bank of Ghana’s financial sector clean-up.

The affected funds include provident and welfare funds, leave savings, individual deposits and severance packages belonging to members of the Union.

The Ghana Mineworkers’ Union says the affected miners placed their savings with financial institutions licensed and regulated by the Bank of Ghana and should therefore not be made to bear the consequences of those institutions’ collapse.

The Union has criticised the continued delay in resolving the matter, arguing that the affected workers have already waited several years for access to their funds.

It says its concerns have persisted despite assurances from successive Governors of the Bank of Ghana and references to commitments contained in International Monetary Fund reports in 2023 and 2024.

The Union says the issue is particularly concerning because the funds are workers’ accumulated savings, including provident and welfare contributions intended to provide financial security during retirement, periods of need or after leaving employment.

According to the GMWU, the Finance Minister, Dr Cassiel Ato Forson, has maintained that the Bank of Ghana must recover the assets of the affected financial institutions and use the proceeds to settle depositors.

The Union says the Finance Minister has also indicated that the Ministry of Finance does not currently have the funds to directly settle the outstanding claims.

The GMWU, however, insists that the government and the Bank of Ghana must find an alternative solution to ensure that the affected miners receive their money without further delay.

The Union is expected to present a petition to the Finance Minister, 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 call for urgent action to recover and release the locked-up funds to the affected miners.

The development highlights the continuing financial impact of Ghana’s financial sector clean-up on depositors whose funds were held by institutions whose licences were revoked during the exercise.

Source: GBC

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