Gov’t to hold all dormant financial accounts in trust – Seth Terkper

Government has indicated it will soon take possession of dormant accounts lodged in both deposit taking and non deposit taking financial institutions.

Finance Minister Seth Terkper announced this while reading the subsidiary budget on the floor of parliament on Monday.

He explained that “the unclaimed assets programme, to be launched soon, is a programme for managing assets or funds that are presumed to be abandoned, stranded and remain unclaimed by their owners.”

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These unclaimed funds include, “balances on dormant accounts, with banks and other deposit taking institutions including dividends, interests, redemption proceeds, insurance premiums and pension entitlements.

“These funds will be transferred into an independent fund and managed effectively till they are reunited to their rightful owners which are in some cases the next of kin who may not be aware of the existence of the fund after the owners died,” he expatiated.

Mr. Terkper indicated that the measure is practiced in several countries in Africa including Ivory Coast and Kenya.

The unclaimed assets law will establish an authority which will manage the assets and also proactively locate beneficiaries or their next of kin, instead of leaving them in the banking and other financial institutions.
The bill is currently before the Attorney General’s Department  for drafting and subsequent forwarding to cabinet and parliament for consideration.

By: Ghana/Ultimatefmonline.com/106.9fm/Ivan Korshie Heathcote – Fumador