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August 20, 2026
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Mineworkers petition Finance Minister over GH¢380m locked-up funds, threaten strikes
Money
Policy
Growth
Key Points
- The Ghana Mineworkers’ Union (GMWU) has petitioned the Finance Minister regarding over GH¢380 million in locked-up funds belonging to more than 19,000 mineworkers.
- These funds, including provident funds, welfare funds, and severance packages, have been inaccessible since the Bank of Ghana's financial sector clean-up.
- The union has engaged the Bank of Ghana on this issue since 2021 without a lasting resolution and expresses concern over recent statements suggesting no immediate government recapitalisation support.
- GMWU warns that continued delays could trigger widespread industrial action, including demonstrations and strikes, across Ghana's mining sector.
- Such industrial unrest could significantly impact mineral production, government revenue, investor confidence, and overall economic stability.
Why This Matters
This issue is critical for Ghana because the mining sector is a major contributor to the nation's GDP, exports, and government revenue. Widespread industrial action, as threatened, could severely disrupt mineral production, diminish investor confidence, and undermine social stability in mining communities. Furthermore, it highlights the lingering impact of unresolved legacy issues from the financial sector clean-up, which could affect the broader financial system and public trust.
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August 24, 2026
GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
- The Ghana Gold Board (GoldBod) has vehemently denied claims by MP Dr. Gideon Boako that it owes the Bank of Ghana (BoG) a GH¢1 billion overdraft.
- Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
- GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
- This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
- GoldBod asserts it has never taken any loan, overdraft, or debt instrument from the Bank of Ghana or any financial institution since its establishment.
August 24, 2026
GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin
- The NPP Minority Leader, Alexander Afenyo-Markin, reaffirmed the caucus's commitment to investigate a reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme and the Ghana Gold Board (GoldBod).
- This commitment was reiterated after Afenyo-Markin met with NPP flagbearer Dr Mahamudu Bawumia in Accra.
- Dr Bawumia commended the Minority Caucus for its accountability efforts and encouraged their continued work.
- The reported loss, equivalent to about 1.5% of Ghana’s GDP, will be a key issue for the Minority as Parliament reconvenes.
- The Minority is resolute in pursuing the matter to get answers for the Ghanaian public regarding the circumstances of the loss.
August 23, 2026
Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
- The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
- However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
- The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
- IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
- The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.