The Ghana Mineworkers’ Union (GMWU) has criticised the Finance Minister Dr. Cassiel Ato Forson and the Bank of Ghana (BoG), accusing both institutions of abandoning thousands of miners whose life savings remain trapped in defunct financial institutions.
According to the Union, more than 19,000 miners have had their funds locked up for over four years following the collapse of several banks and investment firms during the 2018–2019 financial sector clean-up.
Addressing miners and the media in Accra, the General Secretary of the Ghana Mineworkers’ Union, Abdul-Moomin Gbana, described the situation as unacceptable and blamed both the Ministry of Finance and the Bank of Ghana for failing in their responsibilities.
“Over 19,000 miners have their life savings locked up,” he said.
Gbana revealed that the affected miners’ funds were drawn from various mandatory and voluntary schemes.
“Over 19,000 miners have their life savings locked up in Bank of Ghana–regulated institutions. These deposits came from their provident funds, welfare funds, life savings and individual funds, including severance packages. This happened as a result of the financial sector clean-up that took place in 2018 and 2019,” Gbana noted.
He said the Union finds the conduct of the Bank of Ghana deeply troubling.
“As a Union, we are totally appalled and deeply disappointed in the Bank of Ghana as the regulator of these distressed financial institutions. It is the Bank of Ghana’s fiduciary duty to ensure effective supervision.”
“Indeed, the Bank has over the years communicated clearly that anyone who places funds in BoG-regulated institutions should not lose sleep, and that even in the unlikely event of any loss, the Bank of Ghana would intervene,” he recalled.
Gbana criticised Finance Minister Dr. Ato Forson for saying that government has no funds to settle the affected miners.
“Regrettably, after more than four years, we are told by the Finance Minister, Dr. Cassiel Ato Forson, that the Bank of Ghana—which regulates these insolvent institutions—should use their assets to pay off the miners because the Ministry of Finance has no money,” he said.
He added that this statement contradicts the government’s own budgetary acknowledgments.
“Interestingly, the Finance Minister made this acknowledgment after realizing that the financial sector will require 10.5 billion cedis to address the remaining legacy issues.”
Gbana said the Union rejects the Minister’s stance.
“We find his comments very unfair. We do not think the Bank of Ghana and the Finance Minister are being fair to depositors. We trusted the Bank of Ghana, created by law to supervise and regulate compliance. We therefore expect the Bank’s fiduciary duty to be respected and our monies paid to us.”
He issued a firm warning.
“We therefore take an uncompromising position that the Bank of Ghana must refund our monies and recover the funds from the liquidated assets. Anything short of refunding these funds will have severe consequences in the coming days.”
Call for support for Bogoso-Prestea Mine
Beyond the financial sector concerns, Gbana also raised issues about the state of operations at the Bogoso-Prestea Mine under Heath Goldfields Ltd.
“The Ghana Mineworkers’ Union pledges its fullest support to continue working collaboratively and cooperatively with the managers of Heath Goldfields Limited—not only to settle the remaining indebtedness but to ensure the long-term sustainability of the mine.”
He called on government and regulators to accelerate support for the mine, which is preparing for commercial operations.
“As the company has shown commercial readiness, we call on the government through the Minister of Lands and Natural Resources and regulatory agencies, especially the Minerals Commission, to support Heath Goldfields with the permits and licences needed to begin the production and processing of gold,” he said.
