Source: Ebenezer De-Gaulle
Ghana’s government has inaugurated an Inter-Agency Technical Working Group to design a national framework for managing billions of cedis in unclaimed funds, a move officials say will strengthen consumer protection and restore confidence in the financial system.
The initiative follows advocacy by the Institute for Liberty and Policy Innovation (ILAPI) through its Next of Kin Project, which has drawn attention to fragmented arrangements in handling dormant and unclaimed financial assets.
Deputy Finance Minister Thomas Nyarko Ampem, speaking on behalf of the Finance Minister at the inauguration, said unclaimed entitlements across banking, pensions, insurance, securities, and e-money sectors often become disconnected from their rightful owners. “When citizens cannot access what is rightfully theirs, confidence in the financial system is weakened, and that is a national concern,” he said.
Hon. Ampem noted that current arrangements remain inconsistent, with varying definitions of dormancy and reporting standards across sectors. He said the Working Group’s first task will be to replace estimates with verified, sector-by-sector data to establish a reliable national baseline.
The group includes representatives from the Ministry of Finance, Bank of Ghana, National Pensions Regulatory Authority, Securities and Exchange Commission, SSNIT, National Communications Authority, National Identification Authority, the Attorney-General’s Department, and other agencies.
Officials said the framework will cover regulated financial sectors and extend to other categories of unclaimed assets, including lottery winnings, court-awarded funds, intestacy-related property, public sector salary arrears, and real estate.
David Klotey Collison, chair of the committee, described the initiative as “a national reform that requires shared ownership” and urged members to approach their mandate with practicality. The Working Group is expected to submit its framework within three months.
