In a significant effort to address fragmented arrangements in the management of unclaimed funds, the Ministry of Finance has inaugurated an Inter-Agency Technical Working Group (TWG) tasked to develop a comprehensive framework for the management of unclaimed funds in Ghana.
The initiative forms part of efforts to address fragmented arrangements in the management of dormant and unclaimed financial assets across the financial sector.
The Working Group comprises representatives from the Ministry of Finance, Bank of Ghana, National Pensions Regulatory Authority, Securities and Exchange Commission, SSNIT, National Communications Authority, National Identification Authority, the Attorney-General’s Department, and other relevant institutions.
Speaking at the inauguration on behalf of the Minister for Finance, the Deputy Minister, Hon. Thomas Nyarko Ampem, said the issue of unclaimed funds, though often invisible in public discourse, has significant implications for many Ghanaians across various sectors of the economy.
He noted that financial entitlements across the banking, pensions, insurance, securities, and e-money sectors often become disconnected from their rightful owners over time, with initial indications suggesting that the amounts involved run into billions of Ghana cedis.
According to him, the first task of the Working Group was to replace existing estimates with verified, sector-by-sector data to establish a clear and reliable national baseline.
“When citizens cannot access what is rightfully theirs, confidence in the financial system is weakened, and that is a national concern,” he said.
Hon. Ampem observed that Ghana’s current arrangements remain fragmented, with differences in dormancy definitions, reporting standards, and tracing mechanisms across sectors leading to gaps in coordination and consistency, particularly in the insurance and pensions sectors.
He further indicated that there is currently no single national pathway for citizens to trace and reclaim unclaimed funds, nor a unified mechanism to coordinate standards across institutions.
The Deputy Minister stated that Government is committed to addressing these challenges through the establishment of a transparent, accountable, and practical framework that strengthens consumer protection, improves reporting discipline, and restores value to rightful owners and beneficiaries.
He said the framework would apply across regulated sectors, including banking, pensions, insurance, securities, and e-money services.
Hon. Ampem further disclosed that the scope of the Technical Working Group has been expanded beyond the regulated financial sector to include other categories of unclaimed assets, such as unclaimed lottery and gaming winnings, court-awarded funds, intestacy-related property, public sector salary arrears, and other unclaimed property, including real estate.
Mr. David Klotey Collison, chair of the working committee, expressed appreciation to members for accepting to serve and reaffirmed the Group’s commitment to delivering its mandate within the given timeframe.
He described the initiative as “a national reform that requires shared ownership” and urged all members to approach the duty with practicality and a problem-solving attitude.
The Working Group is expected to submit its framework within three months.
