Ghana’s Mine Workers’ Union has stepped up pressure on the Bank of Ghana to release more than GH¢380 million ($34.55 million) in workers’ funds that the union says have remained frozen for years following the country’s financial-sector cleanup.
The union presented a petition to the central bank on Thursday, demanding the release of the money and urgent action to resolve what it described as a prolonged financial hardship affecting thousands of mineworkers and their families.
The funds comprise provident funds, welfare savings and severance packages belonging to more than 19,000 workers, according to the union. It said the money became inaccessible after the central bank revoked the licences of hundreds of financial institutions during a sweeping restructuring of the financial sector.
The cleanup, which began in August 2017 and was completed in 2019, was launched to tackle widespread insolvency, weak corporate governance and other problems that had undermined confidence in Ghana’s financial system. More than 400 financial institutions ultimately lost their licences as part of the exercise.
But years after the reforms ended, the mineworkers say a significant portion of their funds remains unresolved.
General Secretary Abdul-Moomin Gbana said those affected included retirees, redundant workers, widows and dependants who are increasingly struggling to meet essential household expenses.
According to the union, some affected families are relying on funds that were intended to support basic needs such as healthcare, education and housing. The prolonged freeze, it said, has turned what were supposed to be workers’ financial safeguards into a source of distress.
Union says patience is running out
The Mine Workers’ Union said it had refrained from organising demonstrations since 2021 despite growing frustration among its members.
Gbana said the union had chosen dialogue, relying on repeated assurances from the Bank of Ghana that the outstanding issues would eventually be resolved.
That patience, however, appears to be wearing thin.
The union is now threatening renewed industrial action if the matter is not addressed, while also seeking a meeting with the governor of the Bank of Ghana and the finance minister to discuss the release of the funds.
The dispute has also drawn attention beyond the union. The International Monetary Fund identified unresolved legacy issues connected to the financial-sector cleanup in both its 2023 and 2024 country reports, underscoring the continuing challenges left by the reforms.
For the mineworkers, the issue is no longer simply about resolving an accounting or regulatory problem. The union argues that the frozen funds represent workers’ accumulated savings and benefits and should be returned to those who earned them.
The union’s demand places renewed pressure on Ghanaian authorities to find a resolution to financial-sector liabilities that have persisted years after the banking and financial institutions cleanup was formally completed.
The Finance Ministry did not immediately respond to a request for comment.
With the union now warning of possible industrial action, pressure is mounting on the government and central bank to address the outstanding claims and provide affected workers with a clear timetable for recovering their money.