A recent report by the Institute for Liberty and Policy Innovation (ILAPI) has found that significant amounts of money are held in dormant accounts with the Bank of Ghana (BoG).

It indicated that over GH¢167.8 million in local currency, as well as US$14.6 million, £2.4 million, and €2.3 million, have accumulated in these accounts between 2016 and 2023.

Additionally, from 2021 to July 2024, nearly 1.45 million dormant accounts were transferred to the BoG.

According to a report by 3news.com, the ILAPI obtained this information following a petition to the BoG requesting a detailed report on dormant funds collected over the last eight years. The ILAPI was petitioned to provide a comprehensive report on the sums collected from inactive accounts over the period of eight years (2016–2024).

The ILAPI “Next of Kin” (NOK) project, which began in 2023, underscores the need for a more accessible process for designated family members to claim funds left by deceased account holders, particularly as many families are unaware of these resources.

The report also noted that families of deceased account holders often struggle to access these funds due to existing laws, which prevent the BoG from actively tracing and assisting families in claiming dormant funds.

It added that in many cases, the inability to access these resources has driven surviving family members into poverty, as they were dependent on their deceased relatives for financial support, including education and basic needs.

The ILAPI, however, commended the BoG’s educational efforts regarding the importance of appointing a next of kin. They urged the BoG to go further by advocating legal reforms and policy changes that would allow for proactive engagement with beneficiaries.

They also suggested that the BoG amend its laws to require banks to record the Ghana Card details of a next of kin upon account creation, reducing identity-related complications after an account holder's death.

Additionally, it proposed an annual report on dormant accounts to enhance transparency, along with collaboration with local government and national ID systems to help identify beneficiaries.

The report also recommended a time limit for the BoG’s retention of unclaimed funds and stressed the importance of a harmonized, lawful system to trace families, allowing for efficient fund recovery by designated next of kin.

JKB/GA

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