Mineworkers’ Union protests delay in releasing funds belonging to 19,000 miners

The Ghana Mineworkers' Union (GMWU) is taking a stand against the prolonged delay in releasing funds belonging to over 19,000 miners whose savings were tied up in financial institutions affected by the Bank of Ghana's recent clean-up of the sector. These funds encompass provident funds, welfare funds, leave savings, individual deposits, and severance packages, as per the Union.

GMWU argues that miners entrusted their savings with licensed and regulated financial institutions, which should not be held accountable for the institutions' collapse. The Union demands a full reimbursement of the affected funds and has expressed disappointment with the Bank of Ghana's management of the situation. Despite assurances from successive Bank of Ghana governors and commitments outlined in IMF reports from 2023 and 2024, the GMWU's concerns remain unresolved.

Finance Minister Cassiel Ato Forson maintains that the Bank of Ghana must recover assets from the affected institutions and utilize the proceeds to compensate depositors. However, the GMWU posits that the Finance Minister's assertions overlook the fact that the Ministry of Finance lacks the necessary funds to directly address the outstanding claims.

The Union is urging the government and the Bank of Ghana to find an urgent solution to ensure affected miners receive their rightful compensation. The GMWU plans to present a petition to key officials, including Finance Minister Cassiel Ato Forson, Bank of Ghana Governor Dr. Johnson Asiamah, and Minister of Lands and Natural Resources Armah Kofi Buah.

This petition aims to push for the release of the locked-up funds and alleviate the prolonged financial hardships faced by the affected miners.