Miners Pay 561.3 Million Cedis As Shares In Labour Trust Enterprise Company Limited

Accra, (Greater Accra) 18 - Sept.

Accra, (Greater Accra) 18 - Sept.
The Ghana Mine Workers Union as presented cheques totalling 561.3 million cedis as full payment of shares for 11,241 of its members in the Labour Enterprises Trust Company Limited (LET). The payment was made on behalf of workers in eight mining and mining-related companies and the staff of the Ghana Mine Workers Union. A press statement issued by the TUC today, said the companies are the Ashanti Goldfields Company Limited, Billington Bogosu Gold Limited and the Ghanaian-Australian Goldfields. The rest are Bonte Mines, SGS Laboratory Service Limited, Moolman Mining West Africa and OTR Tyres. It said the highest single payment of 469.5 million cedis was made by Ashanti Goldfields Company on behalf of its 9,390 workers. The cheques were in a letter dated September 17 signed by Mr. Robert Cole, General Secretary of the Mine Workers Union and handed over to Mr. Dennis Vormawor, chairman of the Board of Directors of the Company in Accra on Wednesday. Mr. Cole described the workers shares as a demonstration of their ''confidence in LET which is bound to change the fortunes of the worker for the better.'' The statement said Mr. Vormawor thanked the mine workers ''for their encouraging action and assured them of the board's determination to meet their aspirations and expectations''. The TUC initiated the idea of establishing labour-owned enterprises with funding from its workers. Each worker is expected to purchase 100 shares valued at 50,000 cedis to raise 25 billion cedis for the project. Deductions of 2,500 cedis a month a member to cover the full payment of the 100 shares started in April this year. The Merchant Bank is the Banker and Registrar of the Trust that has a nine-member board of directors.