The Ghana Mineworkers’ Union (GMWU) has formally petitioned the Ministry of Finance, demanding the immediate release of locked-up funds. These funds, including welfare savings and severance packages, belong to more than 19,000 mineworkers. The union’s action follows a peaceful demonstration in Accra, highlighting the severe economic hardship faced by its members.
These funds are trapped in distressed Specialised Deposit-Taking Institutions (SDIs), including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited (Jislah). The institutions have been unable to pay funds requested by IGS Financial Services Limited (IGS), the fund manager for the mineworkers. The GMWU states that these delays threaten industrial harmony across the mining sector.
This situation stems from the Bank of Ghana’s financial sector clean-up exercise, which led to the collapse or restructuring of several financial institutions. Many individuals and organizations, including the GMWU members, had their investments and savings frozen. The government has previously intervened to pay some depositors, but a significant portion of funds remains inaccessible. This ongoing issue continues to impact public trust in Ghana's financial system and the stability of savings.
Mr. Abdul-Moomin Gbana, General Secretary of the GMWU, signed the petition. He stated that the union had previously met with the Head of Banking Supervision at the Bank of Ghana. During these meetings, the Bank of Ghana acknowledged the challenges and promised a solution, which has not yet materialized. The union emphasized that it has been restraining its members from demonstrating, even at the Bank of Ghana premises, pending a resolution.
The continued delay in releasing these funds carries significant implications for the affected mineworkers and the broader economy. Many workers on redundancy or retirement cannot access their life savings, impacting their families and healthcare needs. The Ministry of Finance and the Bank of Ghana face pressure to resolve these outstanding issues. A swift resolution is crucial to restore confidence among depositors and prevent further industrial unrest in a key economic sector. Decision-makers must act to uphold the statutory mandate of promoting stability and public trust in Ghana’s financial system.
The GMWU has requested a meeting with the Minister of Finance, Dr. Cassiel Ato Baah Forson. This meeting aims to secure an urgent resolution for its members. The union insists on the full refund of all locked-up deposits, similar to previous government interventions. This action underscores the persistent challenges faced by many Ghanaians following the financial sector reforms. The government's response will be closely watched by affected parties and financial market participants.