Pay our locked-up savings without delay: Mine workers tell BoG, Finance Ministry

The Ghana Mineworkers’ Union has issued a firm call for the Bank of Ghana (BoG) to immediately refund the life savings of more than 19,000 miners whose deposits remain locked up in liquidated financial institutions affected by the 2018/2019 banking sector clean-up.

Addressing the Union’s National Executive Council meeting, the leadership expressed outrage at what it described as a breach of public trust and a failure of regulatory duty.

“We are totally appalled and deeply disappointed in the Bank of Ghana as a regulator… and its fiduciary duty to the citizens of this country,” the Union declared.

The distressed miners had invested provident funds, welfare funds, severance packages, and personal savings in institutions licensed and supervised by the BoG.

The Union argues that BoG’s repeated assurances that funds placed with regulated institutions were safe heavily influenced miners’ decisions.

The Union quoted earlier commitments by the Central Bank which insisted that “anyone who places funds with Bank of Ghana regulated institutions does not have to stay awake in the night because those investments were safe” and that BoG would be liable “even in the unlikely event of loss.”

However, after more than four years, miners have still not been paid. The Union expressed shock at recent statements by Finance Minister Dr. Cassiel Ato Forson, who announced that the Ministry of Finance has no funds available for repayments, insisting instead that the Bank of Ghana must recover assets from the defunct institutions and settle depositors.

This comes  after the Minister acknowledged that GHS 10.45 billion is required to resolve outstanding sector issues, while stating in a recent interview that the BoG would have to settle depositors from proceeds of liquidated assets of the failed institutions.

The GMWU rejected this approach outright, stating:
“We take the uncompromising position that the Bank of Ghana must fully refund our monies to us and recover the funds paid from the liquidated assets of its own regulated entities. Anything short of fully refunding depositors’ funds will have severe consequences.”

The Union argues that miners acted in good faith, trusting institutions BoG had licensed, and therefore expect full protection under the regulator’s fiduciary obligation.

Leadership also cited the IMF Reports of May 2023 and December 2024, which highlighted unresolved banking sector liabilities.

The GMWU is demanding swift action, warning that continued delays are worsening the economic hardships of miners, many of whom have been rendered destitute.

As the Union prepares further advocacy, it insists the Central Bank must honour its responsibility to depositors.

“We trusted the Bank of Ghana… and entrusted our life savings into the hands of these institutions. We therefore expect our monies paid without further delay.”