Ghana's Ministry of Finance has established a new working group to manage billions of Ghana Cedis in unclaimed funds. The Institute for Liberty and Policy Innovation (ILAPI) has praised this initiative. This group will create a clear plan for handling money that people have forgotten about.
The goal is to bring together different government bodies. They will work to make sure unclaimed money is managed fairly and openly. Institutions like the Bank of Ghana and the National Pensions Regulatory Authority are involved. This is important because billions of Ghana Cedis are currently sitting idle. This money is spread across banks, pensions, insurance, and digital payment services.
This problem is not new for Ghana. Years of fragmented rules have made it hard to find owners of lost money. ILAPI has been pushing for changes through its 'Next of Kin Project.' They believe this causes a lack of trust in the financial system. It also means families cannot access money that belongs to them. This can sadly lead to ongoing poverty for some families. Previous reports by ILAPI highlighted amounts like GHS 167.8 million in dormant accounts at the Bank of Ghana.
Peter Bismark Kwofie, the Executive Director of ILAPI, stated that the working group aims for a unified system. He highlighted that this is a 'robust coalition of regulatory bodies and state institutions.' The Deputy Minister of Finance, Thomas Nyarko Ampem, has promised to move beyond guesses. They will gather actual data from each sector. This will create a solid national picture of these unclaimed assets.
The new working group will also look into less obvious places for forgotten money. This includes unclaimed lottery winnings. It also covers money from court awards and property left behind by people who died without a will. Even old government salary arrears will be considered. ILAPI sees this as a crucial step to protect consumers. It will also encourage better reporting from financial firms. Ultimately, it will help return wealth to its rightful owners.
This reform needs everyone to work together. ILAPI has promised to help with research and advice. They want to ensure the new plan is fully transparent and fair. The committee's work is expected to build confidence in Ghana's financial sector over the coming months. Decisions made by this group will impact how billions of Ghana Cedis are handled. This could significantly benefit citizens and the economy.