The Ghana Mineworkers’ Union (GMWU) of the TUC has petitioned the Finance Minister to release over GH¢380 million in locked-up funds affecting 19,000 workers, warning that further delays will trigger widespread industrial action across the mining sector.
The petition, dated August 20, 2026, demands the immediate resolution of issues surrounding distressed Specialised Deposit-taking Institutions (SDIs)—including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited. The locked-up monies comprise workers’ Provident Fund contributions, Welfare Funds, Leave Savings, Personal Investments, and Severance Packages trapped since the Bank of Ghana’s financial sector clean-up.
The union noted that despite engaging the central bank since 2021, no solution has been reached. Meetings with the Head of Banking Supervision on April 8 and June 11, 2021, yielded assurances, but a requested follow-up with the Bank of Ghana Governor was ignored.
The prolonged restriction has severely impacted the welfare of retired and redundant members who rely on these funds for medical and living expenses. Union members remained patient based on public promises from the central bank governor (between 2022 and 2025) and references in IMF Country Reports (2023 and 2024) acknowledging the need to resolve legacy SDI issues.
The GMWU expressed deep concern over recent statements from the Finance Minister indicating that the central bank should settle depositors solely through asset recovery, alongside a July 24, 2026 statement that government has no plans to recapitalize savings and loans firms. The union views this as a breach of previous commitments.
Highlighting past labor unrest at Ghana Manganese Company Limited, Future Global Resources (now Heath Goldfields Limited), and Golden Star Wassa Mine, union leaders warned that keeping the peace is no longer sustainable.
“The situation is becoming increasingly difficult to manage due to the continued delays and recent statements suggesting that no immediate resolution is in sight,” the union stated.
The union is demanding a full refund of all locked-up deposits and an immediate meeting with the Finance Minister, warning that strikes would jeopardize mineral production, government revenue, and wider economic stability.
“Denying these workers access to their legitimate life savings undermines industrial harmony and social stability across mining communities in Ghana,” the petition said.
Receiving the petition on behalf of the central bank, Madam Jessie Jacentu, Head of Legal at the Bank of Ghana, assured the union that their concerns would be addressed as soon as possible.
By: Rainbowradioonline.com/Ghana
