The Ghana government is developing a policy that could allow unclaimed funds in dormant bank accounts to be used to support national development, Finance Minister Dr Cassiel Ato Forson has announced.
The proposed policy is expected to provide a framework for using eligible dormant financial assets for the public good while ensuring that bank account holders retain full ownership rights and can reclaim their money.
Government Reviews Policy on Dormant Bank Accounts
The Finance Minister disclosed the initiative in a speech delivered on his behalf by the Coordinating Director (Technical) at the Ministry of Finance, Samuel Akhurst, at the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP) Ghana and Bank of Ghana Non-Performing Loans Forum in Accra.
According to Dr Forson, the proposed dormant bank account policy is currently under review and will be developed in line with international best practices.
The framework is expected to ensure that unclaimed bank balances and dormant financial assets are managed transparently and responsibly while protecting the legal rights of account owners.
Three Key Principles for Managing Dormant Funds
The Finance Minister said the proposed policy would be based on three major principles.
These include protecting ownership rights, promoting transparency and accountability in the management of dormant financial assets, and ensuring that eligible funds are used strictly for national development and the public interest under strong legal safeguards.
Dr Forson stressed that the proposed policy would not permanently deprive individuals of their money.
He said account holders would continue to have the right to reclaim their dormant funds at any time, providing an important safeguard for owners of unclaimed bank balances.
The government believes the approach could unlock otherwise idle financial resources while maintaining appropriate protections for depositors and account holders.
Government to Consult Banks and Financial Regulators
Dr Forson said the Ghana government would undertake broad consultations before the policy is finalised.
The consultation process will involve financial regulators, banks and other financial institutions, insolvency practitioners, professional bodies and other key stakeholders.
The Finance Ministry says the inclusive approach is intended to ensure that the final framework reflects the interests of stakeholders while establishing clear rules for the management and potential use of dormant financial assets.
The policy could form part of broader efforts to improve financial asset management, domestic resource mobilisation and economic development in Ghana.
Ghana Economy Records Improved Macroeconomic Stability
Speaking on Ghana’s wider economic outlook, Dr Forson said recent measures aimed at restoring macroeconomic stability were beginning to produce positive results.
He attributed the improvement to fiscal discipline, prudent monetary policy and structural economic reforms implemented by the government and relevant institutions.
According to the Finance Minister, inflation has declined while exchange rate stability has improved, creating a more favourable environment for businesses, investors and economic activity.
The government says continued implementation of economic reforms and responsible financial management will be critical to sustaining Ghana’s economic recovery and creating opportunities for investment, business growth and national development.
Source: newsthemegh.com