The Institute for Liberty and Policy Innovation (ILAPI) has uncovered significant sums in dormant accounts with the Bank of Ghana (BoG). Between 2016 and 2023, over GH¢167.8 million, $14.6 million, GBP 2.4 million, and EUR 2.3 million accumulated in these accounts. Additionally, 1,448,660 dormant accounts were transferred to the BoG between 2021 and July 2024.
ILAPI’s Next of Kin project aims to facilitate access to these funds, streamlining legal procedures and addressing complexities. Currently, securing Letter of Administration, Death Extract, and navigating probate processes can be cumbersome, leading to abandoned claims and prolonged poverty.
The BoG transfers dormant accounts to its registry after five years of inactivity, as per Section 92 of the Banks and Specialized Deposit-taking Institutions Act, 2016. ILAPI recommends:
- Enhancing public education on next-of-kin appointments
- Issuing directives for banks to request Ghana Card information
- Clearly defining dormant account management policies
- Reviewing laws to enable BoG to trace beneficiaries
- Releasing annual reports on dormant accounts
- Collaborating with local government to identify beneficiaries
ILAPI commends the BoG’s literacy campaigns but urges proactive measures to address transparency, financial governance, and economic challenges faced by eligible families.
By Benson Afful
