Pink 96.9 fm your life, your music
Related Articles
The Institute for Liberty and Policy Innovation (ILAPI) has disclosed that the Bank of Ghana (BoG) holds significant sums in dormant accounts across the country, totaling over GH₵167.8 million, $14.6 million, €2.3 million, and £2.4 million. These dormant funds, accumulated from 2016 to 2023, largely belong to deceased individuals whose families may be unaware of the accounts.
In a statement issued on November 5, ILAPI’s Executive Director, Peter Bismark Kwofie, highlighted that many of the funds are unclaimed by the next of kin, impacting families who could benefit financially. The funds were transferred to the BoG’s Dormant Account Register (DAR) due to inactivity, in accordance with Ghana’s Banks and Specialist Deposit-taking Institutions Act, 2016 (Act 930), which mandates transfer after five years of dormancy.
ILAPI has urged the BoG to implement reforms to address this issue, including the integration of the Ghana Card during account opening to help identify next of kin, a review of the law to allow the BoG to trace family members, and increased transparency through annual reporting on dormant accounts. Additionally, ILAPI advocates for collaboration with the national identification system to facilitate the process for families attempting to claim funds.
The organization stresses that these funds could alleviate poverty for many vulnerable families if accessible, as the lengthy legal processes often lead to abandonment of claims, leaving entire families in financial hardship.
Story By: Baffour/Pinkfmonlinegh.com
