The Ghana Mine Workers’ Union delivered the petition to the central bank, demanding the return of funds belonging to more than 19,000 workers, including retirees, redundant employees, widows and dependants.
The funds include provident savings, welfare contributions and severance packages, according to the union. It said affected workers are struggling to meet basic expenses, including healthcare, education and housing costs.
Funds frozen since 2017
Ghana launched a sweeping financial-sector cleanup in August 2017 after regulators identified widespread insolvency and governance failures among financial institutions.
The reforms, completed in 2019, led the Bank of Ghana to revoke the licences of more than 400 financial institutions, per Reuters report.
The mineworkers’ union said some workers’ savings became trapped in the process and have yet to be fully recovered.
Abdul-Moomin Gbana, the union’s general secretary, said members had refrained from taking industrial action since 2021 because of repeated assurances that the matter would be resolved.
The union is now demanding a meeting with the Bank of Ghana governor and the finance minister and has warned that it could revive protests if the funds remain unpaid.
IMF has flagged issue
The dispute also highlights the lingering consequences of Ghana’s financial-sector cleanup. The International Monetary Fund has previously identified unresolved legacy issues from the financial-sector reforms in its 2023 and 2024 country reports.
The union says it has exhausted its patience after years of waiting and wants a clear timeline for recovering the funds. The finance ministry did not immediately respond to a request for comment.
