The Ghana Mineworkers’ Union (GMWU) of the Trades Union Congress (TUC) has called on the government to release more than GH¢380 million in locked-up funds belonging to about 19,000 mineworkers.
In a petition dated August 20, 2026, the union appealed to the Finance Minister for an urgent solution to the long-standing financial challenges involving distressed Specialised Deposit-taking Institutions (SDIs), including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited.
The trapped funds reportedly include workers’ Provident Fund contributions, Welfare Funds, Leave Savings, personal investments and severance packages that have remained inaccessible since Ghana’s financial sector clean-up.
According to the GMWU, the union has been engaging the Bank of Ghana since 2021 in an attempt to recover the affected workers’ savings. Meetings held with the Head of Banking Supervision on April 8 and June 11, 2021, reportedly produced assurances that the matter would be addressed.
However, the union said a subsequent request to meet the Governor of the Bank of Ghana did not receive the expected response.
Locked-Up Funds Affect Retired Mineworkers
The GMWU said the prolonged delay has created serious financial difficulties for retired, redundant and other affected workers who depend on their savings to cover medical bills, household expenses and basic living costs.
The union explained that members remained patient because of assurances previously made by the central bank between 2022 and 2025, as well as references in IMF Country Reports highlighting the need to address outstanding issues involving distressed SDIs.
The union has, however, expressed concern over recent comments by the Finance Minister suggesting that depositors should be paid primarily through asset recovery.
It also cited a July 24, 2026 statement indicating that the government does not intend to recapitalize savings and loans companies.
According to the mineworkers, such positions raise concerns about previous commitments made toward resolving the locked-up funds crisis.
Mineworkers Threaten Industrial Action
The Ghana Mineworkers’ Union warned that continued delays could result in industrial action across Ghana’s mining sector.
The union referenced previous labour disputes involving companies such as Ghana Manganese Company Limited, Future Global Resources, now operating as Heath Goldfields Limited, and Golden Star Wassa Mine.
GMWU leaders cautioned that maintaining industrial peace could become increasingly difficult if the affected workers continue to be denied access to their legitimate savings.
The union is therefore demanding the full repayment of all locked-up deposits and an immediate meeting with the Finance Minister to find a lasting solution.
It warned that any strike action in the mining industry could affect mineral production, government revenue, employment and Ghana’s wider economic stability.
The union stressed that denying workers access to their life savings threatens industrial relations and social stability in mining communities across the country.
Bank of Ghana Responds
Receiving the petition on behalf of the Bank of Ghana, Madam Jessie Jacentu, Head of Legal at the central bank, assured the Ghana Mineworkers’ Union that its concerns would be addressed as soon as possible.
The development comes amid continued calls for the government and financial sector regulators to resolve Ghana’s locked-up funds crisis and protect the savings of affected depositors and workers.
Source: newsthemegh.com