GH¢380m Trapped: Mineworkers Push for Their Savings Frozen Since 2017

For thousands of Ghanaian mineworkers, the wait for their money has gone on for far too long.

More than 19,000 current and former mineworkers are reportedly affected by over GH¢380 million in savings and other funds that have remained inaccessible since Ghana's financial-sector clean-up.

The Ghana Mineworkers' Union (GMWU) has now renewed its call for action, petitioning the Bank of Ghana over the locked-up funds and demanding a lasting solution.

The money is not simply sitting in a workers' account waiting to be withdrawn. It involves different forms of workers' funds, including provident fund contributions, welfare savings, leave savings, personal investments and severance packages.

For the people who contributed those funds over the years, the issue is deeply personal.

It is money they saved from their earnings and, in many cases, money they expected to depend on during retirement, unemployment or other difficult periods.

It goes back to the financial-sector clean-up

The story dates back to 2017, when Ghana began a major clean-up of the financial sector.

The exercise eventually resulted in the revocation of the licences of hundreds of financial institutions between 2017 and 2019 as regulators moved to deal with institutions considered insolvent or financially distressed.

The clean-up was intended to protect depositors and restore confidence in the financial system.

But not everyone affected by the process has been able to move on.

The mineworkers say some of their funds became trapped with financial institutions affected by the reforms, leaving them waiting for years for a resolution.

Thousands of workers are still waiting

According to the GMWU, more than 19,000 workers are affected by the outstanding funds.

The money includes provident funds, welfare contributions, leave savings, personal investments and severance payments.

For a worker who has contributed to a fund for years, losing access to that money can have serious consequences.

It can affect retirement plans, children's education, medical expenses, housing and other basic financial commitments.

And that is why the union is becoming increasingly vocal about the issue.

Patience is wearing thin

The union says it has spent years trying to resolve the matter through engagement rather than confrontation.

It has reportedly held back from demonstrations since 2021, choosing instead to pursue discussions with the authorities.

But after years of waiting, the union says its members are becoming frustrated.

Reports indicate that the GMWU has warned that continued delays could eventually lead to demonstrations and industrial action.

That could create another headache for the mining industry, which remains an important part of Ghana's economy.

What the workers want

At the heart of the matter is a simple demand: give workers access to the money they are entitled to.

The union wants the relevant authorities to find a permanent solution to the outstanding funds and provide clarity on how and when affected workers will receive their money.

For workers who have been waiting since the financial-sector clean-up began, another promise without a clear timeline may not be enough.

They want to know where their money is, what is being done to recover it and when they can finally expect to receive it.

A bigger question about the financial-sector clean-up

The mineworkers' situation also highlights one of the unresolved human consequences of Ghana's financial-sector clean-up.

The reforms were designed to protect the financial system and depositors, but cases such as this show that some people are still dealing with the fallout years later.

The amount involved — more than GH¢380 million — is substantial.

But behind that figure are thousands of individual workers and families who have been waiting for access to their own savings.

That is why the latest petition to the Bank of Ghana could become an important test of how the authorities deal with long-standing claims arising from the financial-sector reforms.

For the affected mineworkers, the issue is no longer simply about waiting.

After nearly a decade, they want answers — and they want their money back.

Global Pulse GH will continue to follow developments on the locked-up funds and any response from the Bank of Ghana and other relevant authorities.

Source: Ghana Mineworkers' Union and reports from Ghanaian and international media.