By Kodjo Adams
Accra, Aug. 21, GNA – The Ghana Mineworkers’ Union (GMWU) has petitioned the Bank of Ghana (BoG) for the release of more than GH¢380 million in locked-up funds.
The funds, belonging to more than 19,000 current and former mineworkers, comprise provident fund contributions, welfare savings, leave savings, personal investments and severance packages managed by IGS Financial Services Limited.
Abdul-Moomin Gbana, General Secretary of the Union, presented the petition to Mrs Jessie Jacintho, Head of Legal at the BoG, on behalf of the Governor.
The petition said the funds had remained trapped in distressed Specialised Deposit-Taking Institutions (SDIs), including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited, following the financial sector clean-up.
Mr Gbana said the more than GH¢380 million represented funds locked up as of October 31, 2025, excluding additional monies belonging to members that were trapped in other distressed SDIs.
The Union called for the immediate resolution of the outstanding legacy issues and the full refund of all locked-up deposits with the affected SDIs.
Mr Gbana said the affected workers included retirees, redundant workers, widows, dependants and families struggling to meet essential expenses such as healthcare, education and accommodation.
He said the Union had engaged the BoG and other stakeholders on the matter since 2021, but the issue remained unresolved despite repeated assurances that outstanding financial-sector clean-up issues would be addressed.
Mr Gbana warned that continued delays could threaten industrial harmony in the mining sector.
The petition cited several instances of industrial action over the issue, including demonstrations by workers of Ghana Manganese Company Limited in October 2020 and July 2021, as well as strikes and sit-down actions involving workers of Future Global Resources and Golden Star Wassa Mine in 2021.
Mr Gbana said the Union and its leadership had since 2021 worked to maintain calm and discourage further industrial action, but growing frustration among affected workers was making the situation increasingly difficult to manage.
”We warned that failure to resolve the matter urgently could trigger widespread demonstrations and strikes across the mining sector, with possible consequences for industrial relations, mineral production, government revenue, investor confidence and the wider economy.
“The mining sector remains a primary pillar of Ghana’s economy, driven by the sweat and sacrifice of the Ghanaian worker,” the Union said, urging the authorities to treat the petition with the urgency it deserved.
The Union also presented the petition to the Minister of Finance for immediate action.
Mrs Jacintho acknowledged receipt of the petitions and said the BoG remained committed to ensuring financial stability in the country.
“We assure you that your concerns will be given due consideration. We will study your concerns and engage all stakeholders involved to address your issues,” she said.
GNA
Edited by Kenneth Sackey
21 Aug. 2026
Caption pictures attached
Reporter: Kodjo Adams
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