The National Executive Council of the Ghana Mineworkers’ Union (GMWU) has launched a protest over the prolonged delay in releasing funds belonging to more than 19,000 miners whose savings remain trapped in financial institutions affected by the Bank of Ghana’s financial sector clean-up.
The union revealed that the locked-up funds include provident funds, welfare contributions, leave savings, individual deposits, and severance packages, all entrusted to institutions licensed and regulated by the central bank. GMWU leaders argue that miners, who deposited their savings in good faith, should not be left to bear the repercussions of regulatory failures.
The union has strongly criticized the Bank of Ghana’s management of the issue, stating that assurances from successive governors and references to commitments in IMF reports from 2023 and 2024 have yet to yield results.
Meanwhile, Finance Minister Cassiel Ato Forson has maintained that the central bank should recover and liquidate the assets of affected institutions to settle outstanding depositor claims. The Ministry of Finance, Forson added, currently lacks the funds to directly compensate depositors.
Frustrated by the ongoing impasse, the GMWU insists that both the government and the Bank of Ghana must take urgent steps to ensure the affected miners receive their money without further delay. As part of their campaign, the union plans to submit a formal petition to the Minister of Finance, the Governor of the Bank of Ghana, Dr. Johnson Asiamah, and the Minister of Lands and Natural Resources, Armah Kofi Buah, pressing for immediate action.
The fate of thousands of miners, and their hard-earned savings, now hangs in the balance as the union ramps up pressure on authorities to resolve the crisis.
Source: Apexnewsgh.com