Mineworkers demand release of $34.5 million in trapped savings

The Ghana Mine Workers’ Union has petitioned the central bank, seeking the release of over 380 million cedis ($34.55 million) in frozen savings and provident funds belonging to more than 19,000 workers. The request stems from reforms implemented between 2017 and 2019 aimed at addressing financial insolvency and poor governance. During the clean-up process, the central bank revoked the licenses of over 400 financial institutions, leaving the frozen funds as a result.

The union’s general secretary, Abdul-Moomin Gbana, highlighted that affected members include retirees, redundant workers, widows, and dependents who are struggling to meet essential expenses such as healthcare, education, and housing. Despite holding back members from staging demonstrations since 2021, the union maintains that they have been relying on assurances from the central bank.

The International Monetary Fund has also highlighted these unresolved legacy issues in its 2023 and 2024 country reports. The union is now threatening to resume industrial action and is demanding a meeting with the Governor of the Bank of Ghana and the Finance Minister. However, the finance ministry has not yet responded to the union’s request.