Golden Pride Savings and Loans
The Ghana Mineworkers’ Union of TUC (Ghana) has currently positioned itself beyond the trade union world; to the extent that it now owns varying business setups. Most recent one is the Golden Pride Savings and Loans Company Limited. Golden Pride is established to offer competitive banking products as well as financial advisory and literacy support to its clients, particularly within and around mining communities.
As part of its business strategy, the Union has situated the headquarters building of Golden Pride Savings and Loans Limited in Obuasi. This new office building was officially opened in Obuasi on October 3, 2013 by His Execellency the Vice President of the Republic of Ghana, Paa Kwesi Bekoe Amissah-Arthur.
It currently has branches at Obuasi, Tarkwa, Sunyani and Accra. The ultimate aim of the Union is to enter the universal banking industry in due course. (To see more about the company please click here)
Ghana Mineworkers’ Union Support Scheme
The GMWU Support Scheme started operation in July 2006 after an agreement by the Union executives of GMWU. This is a micro savings scheme.
The Miners Savings Fund (MSF) is a workplace based non-banking financial institution established to promote savings culture and to provide quality financial support to meet future contingencies of members through granting of loans at fair but sustainable interest rates, micro-credit facilities and above all comfortable retirement plans, among others. The ultimate purpose of the scheme is to alleviate poverty in order to enhance the standard of living of employees without incurring undue risk.
A pilot scheme was initiated at Obuasi for AngloGold Ashanti (AGA) and Mining and Building Contractors (MBC) workers. Interest gained by members has been massive. Currently, the total membership of the scheme stands at about 8,222 which cumulative contribution of Ghc 15 million (US7.5 million). Members who have joined the Scheme include workers of AGA (Obuasi, Iduapriem and Accra), Ghana Manganese Company (Nsuta) Newmont (Ahafo) Gold Fields Ghana Limited (Tarkwa) Group 5, Perseus Mining Limited (Ayanfuri) and Office of the General Secretary.
Membership is opened to all workers of Mining Companies who may voluntarily express their interest to join.
Benefits of the Scheme include:
Competitive interest on savings
Members obtain loans within reasonable time and at competitive rates
Provide quality financial services to members based on their needs
Members become thrifty and are able to accumulate significant sums.
Information on how to join, how to access loans, how to withdraw and other details of the Scheme is available at the Office of the General Secretary.
Bisa-McCarthy Educational Endowment Fund
This Fund is established within the broad objective of offering a sustainable human capital development to the children/wards of our members. It is also an incentive to encourage members give education to their children/wards. So far, 341 children/wards of our members who are at second cycle level have benefited from the fund at Ghc100.00 per person per term.
The fund has been registered officially at the Registrar Generals Department with certificate number G-29 239 under the companies’ code, 1963 (Act 179) to commence business.
GMWU Basic School Complex
This is an educational initiative embarked upon by the Union to offer children/wards of our members the opportunity to unleash their hidden potentials through quality basic education. The school is currently being constructed in Obuasi. It shall offer both Ghanaian and British educational curriculum. The building is about 60% completed. The first intake of pupils will commence in 2014/2015 academic year.
Community Information & Technology Centre (Obuasi and Tarkwa)
This initiative is designed to provide access to information and communication technology infrastructure within the Tarkwa and Obuasi communities. This is aimed at developing the ICT skills of our members and their dependants for the labour market. It’s also intended to build and increase the capacities and competencies of our members through links with overseas Colleges and Universities (i.e. higher education/long distance learning).
Community Entrepreneurial Skills Development
This is aimed at offering alternative livelihood opportunities to spouses of our members. The objective is to empower and enhance their socio-economic status to enable them offer support to their families.
Higher Education and Career Development Programmes
This is a strategy to develop a strong human capital base of our members. The Union intends to offer both professional and academic programmes in various fields relevant to the skills needs and career progression of our members.
Consumer Credit – Fair Price Shop
This initiative is to provide members with basic necessities and essential commodities through credit facilities that will mitigate the effect of direct cash purchase. This is to promote the habit of savings among our members.
GMWU Lashibi Office Complex
The significance of this modern complex is to create a contemporary office ambience and other vital facilities to support the Union deliver quality service to it members.