The Institute for Liberty and Policy Innovation (ILAPI) has commended the Ministry of Finance’s inauguration of a Technical Working Group tasked with developing a national framework for unclaimed and dormant financial assets, describing the initiative as advancing “unified, transparent and accountable” systems for fund management.
The TWG brings together key state and regulatory institutions, including the Ministry of Finance, Bank of Ghana, National Pensions and Regulatory Authority (NPRA), Securities and Exchange Commission (SEC), Social Security and National Insurance Trust (SSNIT), National Communications Authority (NCA), National Identification Authority (NIA), and the Attorney-General’s Department, alongside a private sector technical expert affiliated with ILAPI as a senior policy analyst.
ILAPI, in a statement issued in Accra, said the initiative aligns with its ongoing advocacy under the Next of Kin Project, which has repeatedly drawn attention to gaps in the management of dormant financial assets across multiple sectors. It noted that “fragmented arrangements” and inconsistent definitions of dormancy have contributed to billions of Ghana cedis in unclaimed entitlements across banking, pensions, insurance, securities, e-money, and other financial systems.
According to the Institute, these structural weaknesses have also affected tracing mechanisms, leaving rightful owners disconnected from their funds and, in some cases, “undermining public confidence” in the financial system while worsening vulnerabilities linked to unclaimed estates and benefits.
ILAPI further referenced the government’s position, as articulated by Deputy Minister of Finance Thomas Nyarko Ampem, who has emphasized the need to move from estimates to “verified sector-by-sector data” and establish a clear national baseline for unclaimed assets. The group also welcomed the expanded scope of the TWG to include lottery and gaming winnings, court-awarded funds, intestacy-related assets, public sector salary arrears, and unclaimed real estate holdings.
The Institute described the reform effort as central to strengthening consumer protection and improving reporting discipline across financial institutions, while restoring value to legitimate beneficiaries. It said the process represents a “shared ownership” national reform requiring coordination, practicality, and sustained institutional commitment.
ILAPI added that it will support the TWG’s work through research, advocacy, and stakeholder engagement to ensure the emerging framework delivers on transparency, accountability, and fairness in the management of unclaimed financial assets.
