Ghana's mineworkers demand release of $34.5 million in trapped savings
The Ghana Mine Workers’ Union is demanding the release of over $34 million in savings that have been frozen since a 2017-2019 financial sector cleanup. The union is threatening industrial action if the government does not address the long-standing issue.
Why it matters
This highlights the ongoing economic impact of financial sector reforms on vulnerable workers and retirees in Ghana.
Ghana’s union of mineworkers delivered a petition to the central bank on Thursday to demand more than 380 million cedis ($34.55 million) they say they are owed and that have been frozen since a clean-up of the financial sector.
Under reforms begun in August 2017 and completed in 2019 to address widespread insolvency and weak governance, the central bank revoked the licences of over 400 financial institutions.
The Ghana Mine Workers’ Union, an affiliate of the largest trade union in the country said money in the form of provident funds, welfare savings and severance packages belonging to over 19,000 workers, was still frozen as a result.
General Secretary Abdul-Moomin Gbana said affected members include retirees, redundant workers, widows and dependents struggling to cover healthcare, education and housing costs.
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