The Institute for Liberty and Policy Innovation (ILAPI) has commended the Bank of Ghana (BoG) for educating citizens on the misconceptions surrounding the next of kin on financial account opening forms. However, ILAPI believes the BoG is sidestepping a critical issue – the dormant accounts of deceased individuals.
According to ILAPI, “the Bank of Ghana keeps funds from dormant accounts forever,” leaving families unable to access the funds of their deceased loved ones.
This, ILAPI argues, can perpetuate family poverty.
“The processes [to access dormant accounts] are cumbersome, and beyond the Letter of Administration, there exist other requirements that make it difficult for families to access the funds,” ILAPI stated.
The think tank is urging the BoG to review its dormant account policy, saying it’s “an opportune time to allow locked-up funds of deceased individuals to be transferred to families.”
ILAPI has submitted a Right to Information (RTI) request to the BoG, demanding answers on dormant accounts.
“We are waiting on the feedback from the BoG,” they said.
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