The Ghana Mineworkers’ Union (GMWU) has petitioned the Governor of the Bank of Ghana (BoG), demanding the immediate release of more than GH¢380 million in locked-up funds belonging to over 19,000 current and former mineworkers affected by the lingering fallout from Ghana’s financial sector clean-up exercise.
In a petition dated August 20, 2026, and signed by the Union’s General Secretary, Abdul-Moomin Gbana, the GMWU expressed concern over the continued inability of some distressed Specialised Deposit-taking Institutions (SDIs), including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited, to honour fund requests made by investment manager IGS Financial Services Limited on behalf of affected workers.
According to the Union, the trapped funds comprise provident fund contributions, welfare savings, leave savings, personal investments and severance packages accumulated over several years by mineworkers across the country.
The Union described the situation as an urgent matter that is causing significant economic hardship for thousands of workers, retirees, widows and dependants.
The GMWU stated that despite years of assurances from government and regulatory authorities, affected workers continue to be denied access to their savings.
“These delays have resulted in economic hardships and are threatening industrial harmony,” the petition noted.
The Union said the locked-up deposits have severely affected the welfare of members, many of whom rely on the funds to meet medical expenses, educational costs, accommodation needs and other essential obligations.
According to information available to the Union from its fund managers, more than 19,000 mining and mining-related workers have been directly affected, with funds exceeding GH¢380 million remaining inaccessible as of October 31, 2025.
The Union further indicated that this figure excludes additional deposits belonging to members that are trapped in other distressed financial institutions not managed by IGS Financial Services.
The petition recalled meetings held with officials of the Bank of Ghana in April and June 2021 to discuss the matter.
During those engagements, the Union said the Head of Banking Supervision acknowledged the challenges within the industry and assured stakeholders that plans were being developed to address the problem.
The GMWU noted that it had restrained workers from organising demonstrations at the Bank of Ghana while awaiting a solution.
The Union further revealed that a request to meet directly with the Governor was discussed during the engagements, but the meeting was never arranged.
“Members continue to suffer from the lack of funds, thereby affecting their welfare, including their ability to take care of their families and health issues of those on redundancy and retirement,” the petition stated.
To support its call for immediate intervention, the Union referenced several public statements and policy commitments made over the years regarding the resolution of legacy financial sector issues.
Among them were indications that the central bank was engaging the Ministry of Finance on a clean-up of the SDI sector.
The Union also cited previous statements that discussions with the International Monetary Fund (IMF) were underway to facilitate the resolution of outstanding depositor claims linked to distressed institutions.
Additionally, the petition referenced IMF Country Reports published in 2023 and 2024, which acknowledged unresolved legacy issues from the 2017-2019 financial sector clean-up and highlighted government commitments to address financial sector vulnerabilities and provide support where necessary.
The Union warned that continued delays could trigger renewed industrial action across the mining sector.
It pointed to a series of protests and strike actions by workers of Ghana Manganese Company, Golden Star Wassa Mine and Future Global Resources between 2020 and 2021, many of which were linked to frustrations over inaccessible funds.
According to the GMWU, union leaders have spent the last five years working to maintain calm among affected workers despite mounting pressure.
However, it cautioned that patience among members is wearing thin, particularly amid indications that there may be no immediate resolution to the issue.
“If urgent interventions are not undertaken, there is a real risk of widespread demonstrations and strikes across the mining sector,” the petition warned.
The Union said such actions could negatively affect industrial relations, mineral production, government revenue, investor confidence and overall economic stability.
The GMWU is demanding the immediate refund of all deposits locked up in distressed SDIs, including TSF and Jislah Financial Services, and is also seeking an urgent meeting with the Governor of the Bank of Ghana and the Minister for Finance.
The Union argued that mining remains a critical pillar of Ghana’s economy and that workers who contributed significantly to the sector’s success should not be denied access to their legitimate savings.
“We trust that your high office will treat this petition with the urgency and gravity it demands to restore hope and livelihoods to over 19,000 mineworkers and their dependent families,” the petition concluded.
Copies of the petition were also sent to the Minister for Finance, the Director-General of the Securities and Exchange Commission, and the Secretary-General of the Trades Union Congress (Ghana).
Source: businesspostonline
