The Ghana Mineworkers’ Union (GMWU) has formally petitioned the Finance Minister regarding more than GHS 380 million in locked-up funds. These funds belong to over 19,000 mineworkers, and the union warns of potential widespread industrial action.
The petition, dated August 20, 2026, demands immediate resolution of issues involving distressed Specialised Deposit-taking Institutions (SDIs). These include The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited. The inaccessible funds comprise workers’ Provident Fund contributions, Welfare Funds, Leave Savings, Personal Investments, and Severance Packages. These monies have been unavailable since the Bank of Ghana’s financial sector clean-up exercise.
This situation fits into a broader narrative of legacy issues from Ghana's 2017-2019 financial sector clean-up. The clean-up aimed to strengthen the banking sector but left many depositors with inaccessible funds. The Bank of Ghana has previously assured the public that these outstanding matters would be addressed. International bodies like the IMF have also highlighted the need to resolve these legacy issues in their 2023 and 2024 country reports, noting persistent undercapitalisation in the SDI sector.
The GMWU has engaged the Bank of Ghana on this matter since 2021 without a lasting solution. Meetings in April and June 2021 with the Head of Banking Supervision yielded assurances of central bank awareness and ongoing efforts. However, a requested meeting with the Bank of Ghana Governor never materialised, and the issues remain unresolved.
The prolonged inability to access these funds severely impacts workers’ welfare. Many affected members are redundant or retired and depend on these savings for family support and health expenses. The union states that workers have shown patience due to repeated assurances from the government, Bank of Ghana, and international partners.
However, recent statements attributed to the Finance Minister have caused concern. These statements suggest the Bank of Ghana, as regulator, should recover assets of weak institutions to settle depositors. A reported statement on July 24, 2026, also indicated no immediate government plans for recapitalisation support to savings and loans companies. The GMWU views this position as inconsistent with earlier assurances of deliberate policy interventions to address legacy issues.
The union warns that these continued delays threaten industrial harmony within the mining sector. It cited past industrial unrest at Ghana Manganese Company Limited and Golden Star Wassa Mine. GMWU leadership has worked to prevent further action since 2021 but finds it increasingly difficult to maintain calm. The union stated, “The situation is becoming increasingly difficult to manage due to the continued delays and recent statements suggesting that no immediate resolution is in sight.”
Failure to intervene urgently could lead to demonstrations and strikes across the mining sector. Such actions would negatively affect industrial relations, mineral production, and government revenue. They could also damage investor confidence and the wider Ghanaian economy. The GMWU demands a full refund of all locked-up deposits and an urgent meeting with the Finance Minister. Denying workers access to their legitimate life savings undermines industrial harmony and social stability in mining communities.