The Ghana Mineworkers' Union (GMWU) has formally petitioned the Ministry of Finance and the Bank of Ghana (BoG) to facilitate the release of GHS 380 million. These funds belong to more than 19,000 mineworkers across the country.
The union's demand follows a peaceful demonstration in Accra, protesting members' inability to access their funds. These monies are held by distressed specialised deposit-taking institutions (SDIs). The affected funds include workers' provident fund contributions, welfare savings, personal investments, and severance packages accumulated over many years.
This situation highlights ongoing challenges within Ghana's financial sector cleanup, which began in 2017. The continued locking up of such significant funds impacts public confidence in the financial system. It also raises questions about the pace and effectiveness of resolving legacy issues from the cleanup exercise. The broader economic stability of Ghana relies on a robust and trustworthy financial sector.
Abdul-Moomin Gbana, the General Secretary of the GMWU, signed the petition. He stated that the funds are trapped in institutions like The Seed Funds Savings & Loans Limited (TSF) and JISLAH Financial Services Limited. These institutions have reportedly failed to honour payment requests from the workers' fund manager, IGS Financial Services Limited.
The prolonged inability to access these funds has plunged thousands of mineworkers and their families into severe financial difficulties. The union described these funds as hard-earned savings and benefits. They urged the Finance Minister and the Governor of the Bank of Ghana to take urgent steps. Resolving this matter is crucial for the affected workers.
The GMWU warned that further delays could undermine public confidence in the nation's financial system. Workers have exhausted their patience after years of appeals and repeated assurances from the government and the BoG. This prolonged wait has created significant frustration among the affected individuals.
The union referenced remarks made by the BoG Governor at the 123rd Monetary Policy Committee press briefing on March 28, 2025. The Governor then noted the need to complete the cleanup of the specialised deposit-taking institutions sector. He also mentioned ongoing engagements with the Ministry of Finance on this matter. This indicates a long-standing awareness of the problem at the highest levels.
The GMWU also cited the Governor's comments from January 3, 2025. These comments attributed delays in completing the financial sector cleanup to budgetary constraints. Discussions were reportedly ongoing with the International Monetary Fund (IMF) to facilitate the refund of depositors' funds. This suggests a complex financial challenge requiring external support.
Further, the union referred to the 107th MPC press briefing on July 25, 2022. At that time, the Governor reportedly indicated discussions would be held with the IMF to address remaining distressed institutions. The estimated value of these distressed institutions was between GHS 7 billion and GHS 8 billion. This figure underscores the scale of the broader financial sector issues.
The union also referenced IMF Country Report No. 23/168 of May 2023. This report called for completing outstanding legacy tasks from the 2017–2019 financial sector clean-up. It specifically highlighted addressing longstanding undercapitalisation in the SDI sector. This external assessment reinforces the urgency of the situation.
Additionally, IMF Country Report No. 24/334 of December 2024 was cited. This report stated that the government had begun addressing financial-sector legacy issues. This includes a comprehensive strategy and financial support where necessary. The aim is to mitigate risks to financial stability. The mineworkers' plight is a direct consequence of these unresolved legacy issues.
The mineworkers presented their petitions to both the Bank of Ghana and the Ministry of Finance. They demand urgent action to secure the release of their funds. The demonstration aimed to draw attention to the financial hardship. It also pressed authorities for a lasting solution. The resolution of this issue is critical for the welfare of thousands of Ghanaian families.