Peter Bismark Kwofie, the Executive Director of the Institute for Liberty and Policy Innovation (ILAPI), is calling for urgent reforms to address the growing issue of dormant accounts holding millions of dollars and local currency at the Bank of Ghana (BoG).
According to a recent ILAPI report, more than GH₵167.8 million, $14.6 million, GBP 2.4 million, and EUR 2.3 million have accumulated in inactive accounts over the past eight years.
In a statement, Kwofie emphasized that the funds, which could belong to deceased individuals, remain largely inaccessible due to complex legal procedures, leaving many families unaware that they may be entitled to the funds.
“These dormant funds could provide crucial financial relief to families struggling after the loss of a loved one,” Kwofie said.
“However, the current system prevents them from accessing what is rightfully theirs.”
The ILAPI report highlights that more than 1.4 million dormant accounts have been transferred to the BoG between 2021 and 2024, with many of them linked to deceased account holders.
Yet, the legal and administrative hurdles involved in claiming these funds such as securing a Letter of Administration (LA) or navigating lengthy probate processes often discourage families from pursuing them, exacerbating poverty and financial hardship.
Kwofie urged the Bank of Ghana to adopt more proactive measures, such as using the national identification system to trace next of kin and simplifying the process for accessing funds from deceased account holders.
He also called for clearer policies and greater transparency regarding how dormant funds are managed by the central bank.
“These funds represent not only unclaimed wealth but untapped potential to lift families out of poverty,” Kwofie continued.
“The Bank of Ghana must do more to ensure these resources are accessible to those who need them most.”
