The Ghana Mineworkers’ Union (GMWU) of the Trades Union Congress (TUC) has petitioned the Finance Minister over more than GH¢380 million in locked-up funds belonging to over 19,000 mineworkers, warning that continued delays could trigger widespread industrial action across the mining sector.

In a petition dated August 20, 2026, the union demanded the immediate resolution of outstanding issues involving distressed Specialised Deposit-taking Institutions (SDIs), including The Seed Funds Savings & Loans Limited (TSF) and Jislah Financial Services Limited.

The affected funds include workers’ Provident Fund contributions, Welfare Funds, Leave Savings, Personal Investments and Severance Packages.

The union said the funds have remained inaccessible following the financial sector clean-up undertaken by the Bank of Ghana.

The GMWU said it had engaged the Bank of Ghana on the matter since 2021 but had yet to secure a lasting solution.

According to the union, meetings with the Head of Banking Supervision on April 8 and June 11, 2021, resulted in assurances that the central bank was aware of the challenges and was working towards a solution.

The union said it subsequently requested a meeting with the Bank of Ghana Governor, but “the meeting was never arranged, nor have the issues been resolved.”

It said the prolonged inability to access the funds had affected workers’ welfare, particularly members who had been made redundant or retired and needed the money to support their families and meet health-related expenses.

The union said workers had remained patient because of repeated assurances from the government, Bank of Ghana, and international partners that the outstanding financial sector clean-up issues would be addressed.

It cited several public statements by the Bank of Ghana Governor between 2022 and 2025 regarding efforts to resolve problems involving distressed financial institutions.

The GMWU also referenced IMF Country Reports published in 2023 and 2024, which it said recognised the need to resolve outstanding legacy issues in the SDI sector, including longstanding undercapitalisation.

However, the union said it was concerned about recent statements attributed to the Finance Minister suggesting that the Bank of Ghana, as regulator, should recover assets of weak or insolvent institutions and use the proceeds to settle depositors.

The union also cited a reported statement on July 24, 2026, that the government had no immediate plans to provide recapitalisation support to savings and loans companies.

The GMWU said the position appeared inconsistent with previous assurances that the remaining legacy issues would be addressed through deliberate policy interventions.

The union warned that the prolonged delays were increasingly threatening industrial harmony within the mining sector.

It cited previous instances of industrial unrest involving workers at Ghana Manganese Company Limited, Future Global Resources — now Heath Goldfields Limited — and Golden Star Wassa Mine.

The GMWU said its leadership had worked to prevent further industrial action since 2021 but was finding it increasingly difficult to maintain calm among affected workers.

“The situation is becoming increasingly difficult to manage due to the continued delays and recent statements suggesting that no immediate resolution is in sight,” the union stated.

It warned that failure to intervene urgently could result in demonstrations and strikes across the mining sector.

According to the union, such action could affect industrial relations, mineral production, government revenue, investor confidence, and the wider economy.

The union is demanding the full refund of all locked-up deposits belonging to affected workers and an urgent meeting with the Finance Minister to resolve the matter.

“Denying these workers access to their legitimate life savings undermines industrial harmony and social stability across mining communities in Ghana,” the petition said.