Pay our locked-up funds - Mineworkers demand

Thousands of Ghanaian mineworkers face ongoing financial hardship as their savings remain inaccessible in distressed financial institutions. The Ghana Mineworkers’ Union (GMWU) has formally petitioned the Ministry of Finance, demanding the immediate release of over 19,000 members' locked-up funds, welfare savings, and severance packages.

The petition follows a peaceful demonstration in Accra, highlighting the union's frustration with the delays. The affected funds, including Provident Fund contributions, Welfare Funds, Leave Savings, Personal Investments, and Severance Packages, are trapped in institutions like The Seed Funds Savings & Loans Limited and Jislah Financial Services Limited. These institutions have failed to release requested funds to their manager, IGS Financial Services Limited, which manages the mineworkers' money.

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We indicated during the meeting that we have been constraining our members from demonstrating, including on the premises of the Bank of Ghana.

The GMWU has previously engaged with the Bank of Ghana, meeting with the Head of Banking Supervision in April and June 2021. While assurances were given that solutions were being planned, the issues remain unresolved. The union expressed its efforts to restrain members from demonstrating, even at the Bank of Ghana's premises, and noted that a requested meeting with the Governor was never arranged.

This prolonged lack of access to funds is causing significant economic distress for the mineworkers, impacting their ability to support their families and manage health issues, particularly for those on redundancy or retirement. The union insists that the Ministry of Finance must act to ensure the full refund of all locked-up deposits, aligning with its mandate to promote stability and public trust in Ghana's financial system.

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However, the meeting was never arranged, nor have the issues been resolved whilst 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.