The Institute for Liberty and Policy Innovation (ILAPI) has revealed that the Bank of Ghana (BoG) currently holds a substantial sum in three currencies- Cedis, British Pounds, and US Dollars, all from dormant accounts in financial institutions across the country between 2016 and 2023.
In Ghanaian cedis, more than GH₵167.8 million is held by BoG. Additionally, the bank has $14.6 million, €2.3 million, and £2.4 million in these dormant accounts.
These funds are believed to belong to deceased individuals, mostly those who died in disasters such as floods, road accidents, and deaths.
In a press statement issued by ILAPI on Tuesday, 5th November 2024, ILAPI’s Executive Director, Peter Bismark Kwofie, said: “We believe some of these funds could belong to the deceased who died in road traffic accidents, floods, and other incidents. In most cases, their families are unaware.”
Mr. Kwofie disclosed that “There are over GH₵167.8 million in local currency and over $14.6 million in dormant accounts at the BoG. There is also over £2.4 million and €2.3 million, accumulated between 2016 and 2023. Between 2021 and July 2024, a total of 1,448,660 dormant accounts were transferred to the BoG.”
According to him, “Dormant accounts and their funds at regulated financial institutions are transferred to the BoG when the accounts become inactive for a period of five years, in accordance with Section 92 of the Banks and Specialist Deposit-taking Institutions Act, 2016 (Act 930)”.
Source:Mybrytfmonline.com
