Banking Sector Reform: 19,000 Miners Still Awaiting Financial Recovery After Six Years
Ghana's financial sector transformation continues to face challenges as more than 19,000 miners remain without access to their life savings, six years after the comprehensive banking sector cleanup that reshaped the country's financial landscape.
The Ghana Mineworkers' Union (GMWU) has intensified calls for immediate action, with General Secretary Abdul-Moomin Gbana highlighting the urgent need for the Bank of Ghana to fulfill its regulatory commitments to depositors affected by the 2018-2019 financial sector reforms.
Financial Impact and Recovery Prospects
The trapped funds represent a significant portion of miners' financial security, including provident funds, welfare contributions, leave savings, and severance packages. These deposits were placed in Bank of Ghana-regulated institutions that were subsequently declared insolvent during the sector-wide restructuring.
Recent budget allocations reveal the government has earmarked GH¢10.45 billion to address remaining legacy issues from the financial sector cleanup, signaling recognition of the scale of recovery needed.
"The Central Bank's regulatory framework included explicit assurances that licensed institution deposits were protected," Gbana emphasized during the Union's National Executive Council meeting in Accra. "These commitments formed the foundation of public trust in our reformed banking system."
Success Story: Bogoso-Prestea Mine Transformation
Demonstrating Ghana's capacity for effective business restructuring, the Union celebrated significant progress at the Bogoso-Prestea Mine. Following strategic intervention by the Minerals Commission, mining leases were successfully transferred to Heath Goldfields Ltd in November 2024.
The new operator has already delivered on worker compensation commitments, settling substantial portions of outstanding wages and establishing clear timelines for remaining payments. The mine has achieved operational readiness and is preparing to resume full production, creating renewed employment opportunities in the region.
Regulatory Framework and International Standards
The financial sector cleanup, while challenging, positioned Ghana as a leader in banking sector reform across West Africa. International Monetary Fund reports from May 2023 and December 2024 have acknowledged the comprehensive nature of Ghana's financial sector transformation.
However, the complete resolution of depositor claims remains critical for maintaining investor confidence and supporting Ghana's growing reputation as a stable financial hub for international business and diaspora investment.
The miners' union continues to advocate for expedited resolution, emphasizing that many affected workers have retired and depend on these savings for their livelihoods. The successful conclusion of these claims would demonstrate Ghana's commitment to protecting individual financial rights while maintaining robust regulatory standards.
As Ghana positions itself as a gateway for international investment and diaspora engagement, resolving these legacy issues represents an important step toward strengthening public trust in the reformed financial system.