Mineworkers Demonstrating at the Ministry
The Ghana Mineworkers’ Union (GMWU) of the Trades Union Congress (TUC-Ghana) has petitioned the Ministry of Finance and the Bank of Ghana (BoG) to facilitate the release of about GH¢380 million in funds belonging to more than 19,000 mineworkers across the country.
The union made the demand after a peaceful demonstration in Accra to protest the continued inability of members to access their funds held by distressed specialised deposit-taking institutions (SDIs).
The affected funds comprise workers’ provident fund contributions, welfare savings, personal investments and severance packages accumulated over years of employment.
In a petition signed by the General Secretary of the union, Abdul-Moomin Gbana, the workers said the funds had been locked up in distressed financial institutions, including The Seed Funds Savings & Loans Limited (TSF) and JISLAH Financial Services Limited.
According to the union, the institutions had failed to honour requests for payment made by their fund manager, IGS Financial Services Limited, thereby making it impossible for the manager to settle claims owed to members.
The situation, it said, had plunged thousands of mineworkers and their families into severe financial difficulties.
The union described the funds as workers’ hard-earned savings and benefits accumulated over years of service and urged the Finance Minister and the Governor of the Bank of Ghana to take urgent steps to resolve the matter.
It warned that continued delays in releasing the funds could undermine public confidence in the nation’s financial system.
The mineworkers said they had exhausted their patience after years of appeals and repeated assurances from the government, the BoG and international partners.
In their petition, they referred to remarks by the BoG Governor at the 123rd Monetary Policy Committee press briefing on March 28, 2025, that there was a need to complete the clean-up of the specialised deposit-taking institutions sector and that the central bank was engaging the Ministry of Finance on the matter.
The union also cited comments attributed to the Governor on January 3, 2025, that the financial sector clean-up had not been completed because of budgetary constraints, with discussions ongoing with the International Monetary Fund (IMF) to facilitate the refund of depositors’ funds.
It further referred to the 107th MPC press briefing on July 25, 2022, at which the Governor reportedly indicated that discussions would be held with the IMF to address remaining distressed institutions, estimated at between GH¢7 billion and GH¢8 billion.
The union also cited IMF Country Report No. 23/168 of May 2023, which called for the completion of outstanding legacy tasks from the 2017–2019 financial sector clean-up, including addressing longstanding undercapitalisation in the SDI sector.
It further referenced IMF Country Report No. 24/334 of December 2024, which stated that the government had begun addressing financial-sector legacy issues through a comprehensive strategy, including financial support where necessary to mitigate risks to financial stability.
The mineworkers subsequently presented their petitions to the Bank of Ghana and the Ministry of Finance, demanding urgent action to secure the release of their funds.
They said the demonstration was intended to draw attention to the financial hardship caused by the prolonged withholding of their savings and to press the authorities to provide a lasting solution.
By Florence Adom Asamoah