19,000 Miners Await Funds as Mineworkers’ Union Protests Delay

Members of the National Executive Council of the Ghana Mineworkers’ Union (GMWU) have expressed concern over the prolonged delay in releasing funds belonging to more than 19,000 miners whose savings were trapped in financial institutions affected by the Bank of Ghana’s financial sector clean-up.

The funds include provident and welfare funds, leave savings, individual deposits and severance packages.

According to the Union, the affected miners entrusted their savings to financial institutions that were duly licensed and regulated by the Bank of Ghana. It is therefore demanding the full repayment of the funds.

The GMWU has criticised the Bank of Ghana’s handling of the issue, arguing that depositors should not be made to suffer losses resulting from the collapse of institutions that were under the regulator’s supervision.

The Union said its concerns have remained unresolved despite assurances from successive governors of the Bank of Ghana and commitments referenced in IMF reports issued in 2023 and 2024.

The GMWU further disclosed that Finance Minister Cassiel Ato Forson has indicated that the Bank of Ghana must recover the assets of the affected institutions and use the proceeds to pay depositors.

The Finance Minister, according to the Union, has also stated that the Ministry of Finance currently lacks the resources to directly settle the outstanding claims.

The Union, however, insists that the government and the Bank of Ghana must urgently devise a solution to ensure the affected miners recover their funds.

As part of its efforts to press for action, the GMWU is expected to submit 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.