Measures needed for families to access GH¢500million in dormant accounts

The Institute for Liberty and Policy Innovation (ILAPI), a public policy think tank, has called on the government to introduce measures to help families recover funds belonging to deceased relatives, stating that about GH¢500 million remains locked in dormant accounts within the financial system.

The Institute said the inaccessible funds represented an overlooked opportunity for economic inclusion and poverty reduction, particularly for families struggling to meet financial obligations.

Commenting on expectations for the 2027 Budget Statement and Economic Policy, Mr Peter Bismark Kwofie, Executive Director of ILAPI, told the Ghana News Agency (GNA) that the Government should establish a national dormant-assets recovery and tracing programme to help legitimate beneficiaries identify and reclaim inherited financial assets.

Mr Kwofie said information obtained by ILAPI from the Bank of Ghana through a Right to Information request showed that between 2016 and 2023, the Bank had received GH¢167.8 million, US$14.6 million, £2.4 million and €2.3 million in unclaimed funds.

He said a total of 1,448,660 dormant accounts had been transferred to the Bank of Ghana between 2021 and July 2024.

Mr Kwofie added that ILAPI’s public advocacy efforts in September 2026 indicated that approximately GH¢500 million in dormant funds remained inaccessible to beneficiaries.

He noted that although the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), provided for the registration and eventual transfer of dormant account balances to the Bank of Ghana, practical difficulties continued to prevent families from accessing those funds.

According to him, beneficiaries often encountered challenges in establishing their legal status, obtaining Letters of Administration, satisfying institutional verification requirements and navigating administrative procedures.

ILAPI said the situation had created a disconnect between legal ownership and practical access to inherited assets.

The Institute therefore urged the Government to simplify inheritance claim processes, improve digital integration of next-of-kin information and strengthen collaboration among the judiciary, the Bank of Ghana, financial institutions, the Births and Deaths Registry and other relevant agencies.

Mr Kwofie also called for the establishment of a transparent reporting framework through which the Bank of Ghana would periodically publish information on dormant funds received, the number of accounts involved, successful claims processed and the value of funds returned to beneficiaries.

He further recommended targeted legal assistance and public education initiatives to support low-income families unable to meet the costs associated with inheritance claims.

Mr Kwofie stressed that dormant funds should not be treated as an alternative source of government revenue, insisting that the money belonged to identifiable individuals or their legitimate legal representatives.

He said the ultimate objective should be to ensure that inherited private property was returned to its rightful owners.

GNA