Bank of Ghana issues directive on unacclaimed and dormant bank accounts

The Bank of Ghana (BoG) has issued a directive on unacclaimed and dormant accounts of banks and special deposit-taking institutions.

In a statement issued on March 2, 2021, the central bank said the directive is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The central bank further explained the move will ensure all balances of inactive accounts are moved into one single account – the dormant account register.

The BoG added the objective of the directive is 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 applied to accounts that are subjects of litigation, fraud, investigations by a regulatory authority or law enforcement agencies, and others,” portions of the statement read.