Members of the National Executive Council of the Ghana Mineworkers’ Union (GMWU) are protesting the continued delay in the release of funds belonging to more than 19,000 miners whose savings were locked up in financial institutions affected by the Bank of Ghana’s financial sector clean-up.
The affected funds include provident funds, welfare funds, leave savings, individual deposits and severance packages, according to the Union.
The GMWU says the affected miners placed their savings with institutions licensed and regulated by the Bank of Ghana and are therefore demanding a full refund of their money.
The Union has criticised the Bank of Ghana’s handling of the matter, arguing that depositors should not continue to bear the consequences of the collapse of regulated financial institutions.
The GMWU says its concerns have persisted despite assurances from successive Bank of Ghana governors and references to commitments contained in IMF reports in 2023 and 2024.
The Union also disclosed that Finance Minister Cassiel Ato Forson has maintained that the Bank of Ghana must recover assets of the affected institutions and use the proceeds to settle depositors.
According to the Union, the Finance Minister has also indicated that the Ministry of Finance does not currently have funds to directly settle the outstanding claims.
The GMWU, however, insists that government and the Bank of Ghana must find a solution to ensure the affected miners receive their funds without further delay.
The Union is expected to present a petition to 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, as part of efforts to push for the release of the locked-up funds.
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