Accra, Ghana – May 25, 2026 – The Ministry of Finance has officially launched an Inter-Agency Technical Working Group (TWG) to develop a unified framework for managing unclaimed funds across Ghana, a move lauded by the Institute for Liberty and Policy Innovation (ILAPI) as a significant step towards financial transparency and accountability.
Context: Years of Advocacy and Dormant Assets
This development marks a critical milestone following years of persistent advocacy by ILAPI, particularly through its Next of Kin Project. The institute has consistently highlighted the vast sums of money, estimated to be in the billions of Ghana Cedis, lying dormant and unclaimed across various financial sectors.
These funds are presently disconnected from their rightful owners due to fragmented institutional systems, inconsistent legal definitions of dormancy, and inadequate tracing mechanisms. This situation not only ties up significant capital but also erodes public trust in the financial system and perpetuates financial hardship for families.
Formation of the Working Group
The newly formed TWG comprises representatives from key regulatory bodies and state institutions, aiming to create a cohesive and transparent national system for managing these dormant assets. According to ILAPI’s Executive Director, Peter Bismark Kwofie, the group’s establishment signifies a robust coalition dedicated to reform.
Participating institutions include the Ministry of Finance, the Bank of Ghana, the National Pensions Regulatory Authority, the Securities and Exchange Commission, and the Social Security and National Insurance Trust. The National Communications Authority, National Identification Authority, and the Attorney-General’s Department are also part of the group.
Additionally, a private-sector nominee, who is also a Senior Policy Analyst affiliated with ILAPI, will serve as a technical expert, ensuring practical industry insights are integrated into the framework development.
Expanded Mandate and Government Commitment
ILAPI specifically commends the expanded scope of the TWG’s mandate. This broadened mandate includes addressing previously neglected areas such as unclaimed lottery and gaming winnings, court-awarded funds, intestacy-related property, and public sector salary arrears, alongside real estate and other unclaimed assets.
The Deputy Minister of Finance, Thomas Nyarko Ampem, articulated the government’s commitment to moving beyond vague estimates. The goal is to compile verified, sector-by-sector data to establish a clear national baseline for unclaimed funds, thereby creating a more accurate picture of the scale of the issue.
Implications for Consumers and the Financial System
This initiative is viewed by ILAPI as a crucial step towards enhancing consumer protection and improving reporting standards within the financial industry. By establishing a unified framework, the government aims to facilitate the return of wealth to its rightful owners and beneficiaries.
The successful implementation of this framework is expected to strengthen public confidence in Ghana’s financial institutions. It also holds the potential to unlock significant capital that can be reinvested into the economy or utilized by individuals and families, potentially alleviating poverty.
Future Outlook and Watch Points
ILAPI has reaffirmed its commitment to supporting the TWG’s process through continued research, advocacy, and stakeholder engagement. The institute emphasizes the need for shared ownership, practicality, and active problem-solving among all participating institutions to ensure the final framework delivers absolute transparency, accountability, and fairness.
Moving forward, the effectiveness of the TWG in developing and implementing a comprehensive and practical framework will be critical. Observers will be watching closely to see how quickly verified data is compiled and how efficiently mechanisms for tracing and returning funds are established and communicated to the public. The ongoing collaboration between government agencies and ILAPI will also be a key indicator of the initiative’s potential success in unlocking billions in dormant assets for the benefit of Ghanaians.
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