The General Secretary of the Ghana Mineworkers’ Union (GMWU), Abdul-Moomin Gbana, has called on the Bank of Ghana (BoG) to immediately refund the life savings of more than 19,000 miners whose deposits were locked up in financial institutions affected by the 2018/2019 financial sector clean-up.
He made the call at the Union’s second-half National Executive Council (NEC) meeting held in Accra yesterday.
Mr Gbana said the affected funds included provident funds, welfare funds, leave savings, individual savings, and severance packages, all placed in BoG-regulated institutions which were later declared weak or insolvent. He expressed deep disappointment that after more than four years, the workers had still not received their deposits.
He stated that the Union was “totally appalled and deeply disappointed” in the Central Bank’s performance as a regulator, saying the BoG had repeatedly assured the public that deposits placed with licensed institutions were safe and that, in the unlikely event of a loss, the Central Bank would take responsibility.
It was on the strength of these assurances, he noted, that miners and the general public entrusted their savings to the affected institutions.
Mr Gbana said the Union found it unacceptable that the Minister of Finance, Dr Cassiel Ato Forson, had recently indicated that the Ministry had “no money” to settle depositors and that the BoG must instead recover assets from the collapsed institutions to pay affected customers, despite acknowledging in the 2026 Budget that the financial sector required GH¢10.45 billion to address remaining legacy issues.
He argued that, as the statutory regulator, the BoG owed depositors a fiduciary duty and must therefore “fully refund” all locked-up funds without delay. He added that the Central Bank could later recover the monies from the liquidated assets of the distressed institutions. Anything short of full payment, he warned, would have “severe consequences in the coming days.”
The General Secretary said the Union’s demand was reinforced by repeated assurances from both the former and current governors of the BoG, as well as findings captured in IMF reports of May 2023 and December 2024, none of which had resulted in the release of members’ funds.
Addressing Council members, Mr Gbana emphasised that the issue of the locked-up funds had become one of the Union’s most pressing concerns, as many of the affected miners had retired or been severed and were depending on these savings for their livelihoods. He noted that the delay had imposed “severe hardship” on workers who had trusted the financial system in good faith, adding that the Union would therefore not relent in demanding what rightfully belonged to its members.
Mr Gbana also highlighted developments at the Bogoso–Prestea Mine, describing them as significant for the Union’s membership. He recalled that in November 2024, following months of agitations and demonstrations by the Union, the government terminated the previous leaseholder’s rights and re-issued the mining leases to Heath Goldfields Ltd after due diligence by the Minerals Commission.
The Union had earlier demanded the termination because the former leaseholder had failed to operate or manage the mine effectively. He said the re-issued leases came with conditions, the most critical being the settlement of all outstanding indebtedness owed to workers.
Mr Gbana said after months of litigation, Heath Goldfields had now paid a significant portion of the outstanding wages and salaries owed workers and had signed a Memorandum of Understanding committing to settle the remainder within agreed timelines. He commended the company for the progress made and announced that the mine had reached operational readiness and was preparing to commence production.
BY KINGSLEY ASARE
🔗 Follow Ghanaian Times WhatsApp Channel today. https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
🌍 Trusted News. Real Stories. Anytime, Anywhere.
✅ Join our WhatsApp Channel now! https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
