More than 19,000 mineworkers and former mineworkers are demanding the immediate release of more than GH¢380 million in provident funds, welfare savings, leave savings, personal investments and severance packages locked up in distressed financial institutions.
The Ghana Mineworkers’ Union (GMWU) of the Trades Union Congress (TUC-Ghana) has petitioned the Bank of Ghana (BoG) over the continued inability of some distressed Specialised Deposit-Taking Institutions (SDIs), including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited, to release funds belonging to the workers.
The union said the prolonged delay had placed thousands of workers, retirees, redundant workers, widows and dependants under severe financial pressure, with many struggling to meet basic needs, including health care, education and accommodation.
It said repeated assurances since 2021 that the outstanding issues arising from the financial sector clean-up would be resolved had failed to produce a solution for the affected mineworkers, raising concerns over growing frustration among workers in the mining sector.
The union is, therefore, demanding the immediate resolution of the outstanding financial sector legacy issues and a full refund of the locked-up funds, as well as an urgent meeting with the Governor of the BoG and the Minister of Finance to agree on a definite solution.
Funds
The GMWU said the funds were being managed by its Fund Manager, IGS Financial Services Limited (IGS), but the Fund Manager had been unable to access money held with distressed SDIs to pay members.
The union said available information from its Fund Managers showed that more than 19,000 mining and mining-related workers were directly affected, with funds exceeding GH¢380 million remaining locked up as of October 31, 2025.
The affected funds include Provident Fund contributions, Welfare Funds, Leave Savings, Personal Investments and Severance Packages.
The union said it had engaged the BoG on the matter on April 8 and June 11, 2021, when it met the Head of Banking Supervision in the presence of IGS.
It said the Head of Banking Supervision assured the union that the central bank was aware of the challenges in the sector and that plans were underway to provide a solution.
The union said its request for a meeting with the Governor then was never honoured and the issues remained unresolved.
The union referred to several public statements on the unresolved financial sector clean-up, including a July 25, 2022, MPC press briefing, during which the then Governor said discussions would be held with the IMF to address remaining distressed institutions, with the outstanding amount estimated at between GH¢7 billion and GH¢8 billion.
Financial hardship
The GMWU said the continued retention of the funds had affected the livelihoods of workers and their families.
It said retirees and workers who had been declared redundant were among those affected, with some unable to access money needed for health care and other essential family responsibilities.
The union said the situation had also placed additional pressure on families of affected workers who had expected their accumulated savings and benefits to provide financial security after employment.
