The General Secretary of the Ghana Mineworkers’ Union (GMWU), Abdul-Moomin Gbana, has called on the Bank of Ghana (BoG) to immediately refund the life savings of more than 19,000 miners whose deposits were locked up in financial institutions affected by the 2018/2019 financial sector clean-up.

He made the call at the Union’s second-half National Executive Council (NEC) meeting held in Accra.

Gbana said the affected funds included provident funds, welfare contributions, leave savings, individual savings, and severance packages, all placed in BoG-regulated institutions that were later declared weak or insolvent.

He expressed deep disappointment that more than four years after the collapse of the institutions, the workers had still not received their deposits.

The General Secretary said the Union was “totally appalled and deeply disappointed” in the Central Bank’s performance as a regulator, noting that the BoG had repeatedly assured the public that deposits placed with licensed institutions were safe and that, in the unlikely event of a loss, the Central Bank would take responsibility.

It was based on these assurances, he said, that miners and the general public entrusted their savings to the affected institutions.

Gbana described as unacceptable the recent statement by the Minister of Finance, Dr Cassiel Ato Forson, that the Ministry had “no money” to settle depositors and that the BoG must instead recover assets from the collapsed institutions to pay affected customers, despite acknowledging in the 2026 Budget that the financial sector required GH¢10.45 billion to clear remaining legacy issues.

He argued that, as the statutory regulator, the BoG owed depositors a fiduciary duty and must therefore “fully refund” all locked-up funds without delay.

He added that the Central Bank could subsequently recover the monies from the liquidated assets of the distressed institutions. Anything short of full payment, he warned, would have “severe consequences in the coming days.”

Gbana said the Union’s demand was strengthened by repeated assurances from both former and current governors of the BoG, as well as findings captured in IMF reports of May 2023 and December 2024, none of which had resulted in the release of members’ funds.

Addressing Council members, the General Secretary emphasised that the locked-up funds had become one of the Union’s most pressing concerns, as many affected miners had retired or been severed and were depending on these savings for their livelihoods.

He noted that the prolonged delay had imposed “severe hardship” on workers who had trusted the financial system in good faith, adding that the Union would not relent in demanding what rightfully belonged to its members.

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