The Ghana Mineworkers’ Union (GMWU) of the Trades Union Congress (TUC) has issued a formal demand to the Finance Minister, compelling a GH¢380 million locked-up fund portfolio held by over 19,000 mineworkers, threatening industrial action if their funds are not recovered swiftly. The union, representing a significant portion of the nation’s workforce, asserts the prolonged delay in accessing these funds is creating considerable pressure and raising the risk of escalating demonstrations and strikes across the mining sector. The union initiated this appeal on August 20, 2026, following the Bank of Ghana’s financial sector clean-up initiative. The GMWU highlights the problematic situation stemming from the bank’s actions, which they claim has resulted in the inaccessible funds. The union has been engaged with the central bank since 2021, yet these engagements have failed to yield a permanent resolution. Meetings with the Head of Banking Supervision on April 8 and June 11, 2021, were perceived by the union as a hopeful step towards resolving the issue, but these meetings were subsequently not granted. The union emphasizes that the lack of immediate access has profoundly affected workers, particularly retirees and those reliant on savings for essential expenses like healthcare and household upkeep. They have consistently exercised restraint, based on assurances from government, the Bank of Ghana, and development partners, that outstanding claims arising from the financial sector clean-up would eventually be addressed. The GMWU expressed considerable concern regarding recent Finance Minister statements suggesting that the Bank of Ghana should recover assets from distressed financial institutions and use the proceeds to settle depositors. Furthermore, the union cited a reported statement from the Finance Minister suggesting that government has no immediate plans to recapitalise savings and loans companies, describing this position as inconsistent with earlier assurances. The union warned that frustration among affected workers is reaching a critical point, potentially undermining industrial peace and jeopardizing mineral production, government revenue, investor confidence, and the broader economy. The petition explicitly demands full repayment of the locked-up funds and an urgent meeting with the Finance Minister to forge a lasting solution. Failure to act carries the risk of escalating into protests and strikes, potentially impacting key industries and causing considerable economic disruption. The union underscored that denying these workers access to their legitimate life savings undermines industrial harmony and social stability across mining communities in Ghana. The situation is further compounded by recent reports of rising student accommodation fees, highlighting the challenges faced by young workers seeking affordable housing.”] ,
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Source: Adom Online
