The Institute for Liberty and Policy Innovation (ILAPI) has called on the Bank of Ghana (BoG) to address a pressing issue affecting families of deceased bank account holders: the management of dormant accounts.
This follows the BoG’s recent public campaign clarifying misconceptions surrounding next-of-kin designations for bank account inheritance.
While ILAPI acknowledges the central bank’s efforts to educate the public, it argues that the BoG is overlooking a critical matter — the treatment of dormant accounts held by deceased individuals. According to ILAPI, the funds in these accounts are effectively “kept forever” by the central bank, with limited options for families to access them.
Under current regulations, beneficiaries must present a Letter of Administration to claim funds, but ILAPI notes that additional requirements complicate the process, often leaving families financially burdened.
With many families struggling to access funds left by deceased relatives, ILAPI is pushing for a review of the dormant account policy. The think tank argues that unlocking these funds could provide relief and help prevent financial hardship among affected families.
ILAPI has formally submitted a Right to Information (RTI) request to the Bank of Ghana, seeking further clarification on the issue. The institute hopes the central bank will act swiftly to amend its policies, ensuring that families can access dormant funds without unnecessary delays.
