Ghana’s Mine Workers’ Union has petitioned the Bank of Ghana to release more than 380 million Ghanaian cedis (about $34.55 million) in workers’ savings and other funds that have remained frozen since the country’s financial-sector cleanup.

The union submitted the petition on August 20, calling for urgent action to return funds it says belong to more than 19,000 mineworkers and their beneficiaries.

Funds Frozen Since Financial-Sector Cleanup

The disputed money includes provident-fund savings, welfare contributions and severance packages that became inaccessible following Ghana’s financial-sector reforms, which began in 2017 and were completed in 2019.

The reforms were introduced to address widespread insolvency and weak governance in the financial sector and resulted in the Bank of Ghana revoking the licences of more than 400 financial institutions.

According to the union, affected beneficiaries include retired and redundant workers, widows and dependants who are struggling to meet essential expenses such as healthcare, education and housing.

Union Threatens Renewed Action

Ghana Mine Workers’ Union General Secretary Abdul-Moomin Gbana said workers had been patient for years while awaiting a resolution. The union said it had refrained from demonstrations since 2021 based on assurances from the central bank.

However, with the funds still inaccessible, the union is now demanding meetings with the Governor of the Bank of Ghana and the Finance Minister and has warned that renewed industrial action could follow if the matter is not resolved.

The issue also reflects wider challenges surrounding unresolved liabilities from Ghana’s financial-sector reforms. The International Monetary Fund previously highlighted outstanding legacy issues associated with the cleanup in its 2023 and 2024 country reports.

Government Response Awaited

Ghana’s Finance Ministry had not immediately responded to requests for comment when the petition was reported. The mineworkers are now pressing financial authorities to establish a clear timetable for recovering and releasing the funds.

For thousands of workers and their families, the dispute has become a long-running financial and social issue, with the union insisting that the savings should be returned without further delay.

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