Pay our locked-up funds – Mineworkers demand
The Ghana Mineworkers’ Union (GMWU) of the Trades Union Congress (TUC), Ghana, has petitioned the Ministry of Finance for the immediate release and payment of locked-up funds, welfare savings and severance packages belonging to more than 19,000 mineworkers.
In a petition after a peaceful demonstration in Accra yesterday, the union appealed to the Minister of Finance, Dr Cassiel Ato Baah Forson, to ensure the immediate resolution of outstanding issues involving the remaining distressed Specialised Deposit-Taking Institutions (SDIs), including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited (Jislah).
The petition, signed by the General Secretary of the GMWU, Mr Abdul-Moomin Gbana, said the institutions had been unable to pay funds requested by their fund manager, IGS Financial Services Limited (IGS), to enable it to pay members whose funds it had been managing on their behalf.
The union said the delays had caused economic hardship to its members and threatened industrial harmony.
According to the petition, the funds comprised Provident Fund contributions, Welfare Funds, Leave Savings, Personal Investments and Severance Packages, which had remained trapped in financial institutions affected by the Bank of Ghana’s financial sector clean-up exercise.
The union said its members had met the Head of Banking Supervision of the Bank of Ghana, together with IGS, on April 8 and June 11, 2021, to discuss the matter.
It said the Head of Banking Supervision had assured the GMWU, in the presence of IGS, that the Bank of Ghana was aware of the challenges in the industry and had plans to provide a solution, which would be communicated to the public.
The petition said the union had also indicated during the meetings that it had been restraining its members from demonstrating, including on the premises of the Bank of Ghana.
“We indicated during the meeting that we have been constraining our members from demonstrating, including on the premises of the Bank of Ghana,” it said.
The union said it subsequently requested a meeting with the Governor of the Bank of Ghana, and was told by the Head of Banking Supervision that such a meeting could be arranged.
“However, the meeting was never arranged, nor have the issues been resolved whilst members continue to suffer from the lack of funds, thereby affecting their welfare including their ability to take care of their families and health issues of those on redundancy and retirement,” the petition added.
The union called for the immediate resolution of the outstanding issues and the full refund of all locked-up deposits with distressed SDIs, including TSF and Jislah, as had previously been done.
It said the demand was in line with the statutory mandate of the Ministry of Finance to promote stability, equity and public trust in Ghana’s financial system.
The GMWU also requested a meeting with the Minister of Finance to discuss the matter and secure an urgent resolution in the interest of its members.
BY TIMES REPORTER
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