Ghana Mineworkers Demand Release of $34.5 Million in Savings Frozen Since 2017 Bank Clean-Up

Ghana’s mineworkers have petitioned the central bank to release more than 380 million cedis ($34.55 million) in savings and severance packages that have been frozen since a sweeping financial sector clean-up nearly a decade ago. The Ghana Mine Workers’ Union delivered the petition to the Bank of Ghana on Thursday, demanding the return of funds belonging to over 19,000 workers, including retirees, redundant employees, widows and dependents.

The funds include provident savings, welfare contributions and severance packages that became trapped during banking sector reforms initiated in August 2017 and completed in 2019. Under the reforms, the central bank revoked the licences of more than 400 financial institutions to address widespread insolvency and weak governance.

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Union General Secretary Abdul-Moomin Gbana said affected members are struggling to cover healthcare, education and housing costs. The union said it has held back members from demonstrating since 2021, relying on repeated assurances from the central bank that the matter would be resolved.

The International Monetary Fund flagged the unresolved legacy issues in its 2023 and 2024 country reports. The union has now threatened renewed industrial action and requested a meeting with the Bank of Ghana governor and the finance minister. The finance ministry did not immediately respond to a request for comment.

Gbana noted that the union has more than 40,000 members and could mobilise significantly more people if the matter remains unresolved. He cautioned that the union would intensify its action if authorities fail to address the concerns of affected workers.

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