The Bank of Ghana has issued a directive for unacclaimed and dormant accounts of banks and special deposit-taking institutions.
In a statement issued, the central bank explained said the directive is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The central bank explained the move will ensure all balances of inactive accounts are moved into one single account – the dormant account register.
The Bank of Ghana 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,” the statement said.
Read the full directive