The Ghana Mineworkers’ Union (GMWU) has called for the immediate release of more than GH¢380 million (about $34.55 million) in workers’ funds that have remained frozen since Ghana’s financial-sector clean-up nearly a decade ago.

The union submitted a petition to the Bank of Ghana on Thursday, demanding the return of funds it says belong to more than 19,000 mineworkers, including retirees, redundant workers, widows, and dependants.

Funds trapped since 2017

The disputed funds include provident savings, welfare contributions, and severance packages belonging to workers. According to the union, the money became inaccessible during the financial-sector reforms launched in 2017 to address widespread insolvency and governance failures within Ghana's financial institutions.

The clean-up, which was completed in 2019, resulted in the revocation of licences of more than 400 financial institutions by the Bank of Ghana. The GMWU says that despite years of discussions and assurances, significant portions of workers' funds have yet to be recovered.

Workers under financial pressure

The union says the prolonged delay has placed affected workers and their families under significant financial strain, with some struggling to meet basic expenses such as healthcare, education, and housing.

GMWU General Secretary Abdul-Moomin Gbana said the union had exercised restraint for years, noting that members had been discouraged from taking industrial action since 2021 because of repeated assurances that the issue would be resolved.

The union is now seeking an urgent meeting with the Governor of the Bank of Ghana and the Minister for Finance to establish a clear pathway and timeline for recovering the funds.

Possible return to industrial action

After years of waiting, the union has warned that it may reconsider industrial action if the matter remains unresolved.

The dispute also highlights the continuing consequences of Ghana's financial-sector clean-up. The International Monetary Fund has previously identified unresolved legacy issues arising from the reforms in its 2023 and 2024 country reports.

For thousands of Ghanaian mineworkers and their families, the demand is not simply about recovering money. It is about accessing savings and employment-related benefits accrued over many years of work.

The GMWU is now pressing financial authorities to provide answers and ensure that the affected workers receive the funds they say are rightfully theirs.