Dr. Ernest Addison, Governor, Bank of Ghana
The Bank of Ghana has issued Unclaimed Balances & Dormant Accounts directive for banks and specialized deposit-taking institutions that will ensure all balances of inactive accounts are moved into one single account – the dormant account register.
The directive is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The objectives of this directive, according to the Bank of Ghana are to establish processes and procedures for reclaim of funds by dormant account holders or their legal representatives, amongst others.
The directive shall however not be applicable to accounts that are subjects of litigation, fraud, investigations by a regulatory authority or law enforcement agencies, and others.