ILAPI commends Ministry of Finance on the Inter-Agency Working Group to manage unclaimed funds

The Institute for Liberty and Policy Innovation (ILAPI), a non-partisan policy think tank, has welcomed the Ministry of Finance’s inauguration of an Inter-Agency Technical Working Group (TWG) tasked with developing a comprehensive framework for managing unclaimed funds in Ghana.

This major milestone follows years of sustained advocacy by ILAPI through its Next of Kin Project, which has consistently spotlighted the critical need for reform regarding dormant and unclaimed financial assets across the country.

In a press statement issued in Accra on 25th May, 2026, Peter Bismark Kwofie, the Executive Director of ILAPI, Stressed that the newly formed working group brings together a robust coalition of regulatory bodies and state institutions to establish a unified, transparent, and accountable national framework.

The membership includes representatives from the Ministry of Finance, Bank of Ghana, National Pensions Regulatory Authority, Securities and Exchange Commission, and the Social Security and National Insurance Trust.

Other key participating institutions are the National Communications Authority, National Identification Authority, and the Attorney-General’s Department, alongside a private-sector nominee serving as the technical expert, who is also a Senior Policy Analyst affiliated with ILAPI.

ILAPI has raised serious concerns over the vast sums of money currently sitting idle, noting that billions of Ghana Cedis across banking, pensions, insurance, securities, and e-money sectors remain completely disconnected from their rightful owners.

The think tank points out that this asset lock-up is driven by fragmented institutional arrangements, inconsistent legal definitions of asset dormancy, and weak tracing mechanisms.

This systemic failure severely undermines public confidence in the financial system and denies citizens access to what is rightfully theirs, ultimately fueling a cycle of unending family poverty.

The institute highly commends the government’s commitment, as articulated by the Deputy Minister of Finance, Thomas Nyarko Ampem, to replace vague estimates with verified, sector-by-sector data in order to create a clear national baseline.

Crucially, ILAPI welcomes the expanded scope of the working group’s mandate to include heavily neglected areas such as unclaimed lottery and gaming winnings, court-awarded funds, intestacy-related property, public sector salary arrears, and other unclaimed assets like real estate.

ILAPI views this initiative as a critical step toward strengthening consumer protection, improving reporting discipline, and restoring wealth to rightful owners and beneficiaries.

The working group also represents a national reform that requires shared ownership, practicality, and active problem-solving across all participating institutions.

Moving forward, the institute reaffirms its commitment to supporting the process with rigorous research, advocacy, and stakeholder engagement to ensure the final framework delivers on its promise of absolute transparency, accountability, and fairness.

المصدر: MyJoyOnline (GH)