The Head of Financial Stability Department (FSD) at the Bank of Ghana (BoG), Dr. Joseph France has averred that dormant account owners will lose their accounts after three years of inactivity.

Within a duration of two years with no activity, the respective accounts will be classified as dormant in the third year of inactiveness.

“So, if your account has remained dormant for a period of two years and nothing happens, after three years you put it in a dormant account”
Dr. Joseph France

Upon the discovery of dormant accounts, Mr France said respective banks are to display the account details of the owners on their websites. As a result of the volume of the account details, he indicated that only an announcement will be made in newspapers and not the entire details of account owners.

“Because of the volume, the institution would also display it in the newspapers that names of dormant accounts have been published on their website and so the public should go to their website and scan through and see.”
Dr. Joseph France

In the case where the owners or relatives of the dormant account do not show up, Mr. France explained that proceeds of the unclaimed accounts will be transferred to the Bank of Ghana (BoG).

Speaking in an interview, Dr. Joseph France stated that it is the responsibility of Bank of Ghana to decide what the money from the dormant accounts will be used for.

“It will be with the bank of Ghana. So right now, those will be policy decisions that will be taken, whether after a while with the bank of Ghana it becomes a public property and then it will be used for charity or whatever.”
Dr. Joseph France

However, the Head of FSD advised that the necessary procedures and guidelines will be adhered to, in order to prevent fraudsters from impersonating deceased holders of dormant account to claim their money.

“You have to follow processes otherwise the same fraudsters will cash in on that.”
Dr. Joseph France

Additionally, Mr. Joseph France announced that Bank of Ghana has just began with the process of controlling what the funds from dormant accounts will be used for, by coming out with guidelines. And so, he expects it to take effect by the end of November this year 2021.

Meanwhile, Dr. France underscored the importance for one to provide details of next of kin when opening a bank account. He added that, after opening the account, it is prudent for one to inform the next of kin about the details of the account.

“I think before you open an account there are various things that the bank will require you to do. One of them which is key is next of kin because you wouldn’t know what happens next. And so, next of kin is very important. You need to give whoever will be your next of kin and even after you die, there will be letters of administration and they will have to look for where you have an account.”
Dr. Joseph France