The Bank of Ghana (BoG) has issued a directive on unacclaimed and dormant account of banks and special deposit-taking institutions.
In a statement issued on March 2, 2021, the central bank said the directive is under Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The central bank further explained the move would ensure all balances of inactive accounts are moved into one single account – the dormant account register.
The BoG added that 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.
Read the full details below:Unclaimed-Balances-and-Dormant-Account-Directive-2021