The Centre for Legitimacy and Rule of Law (CLRL) has officially launched its advocacy campaign, “Release the Unclaimed Funds,” in Accra, to demand the release of millions of cedis locked in Ghana’s financial system.
The CLRL, according to data obtained via a Right to Information request, approximately GHC400 million is currently held by the Bank of Ghana, with many accounts belonging to deceased individuals or those whose families are unaware of their existence.
During the launch at a press conference, the CLRL emphasized that these funds, which do not accrue interest, could significantly reduce poverty and support small businesses if released to rightful beneficiaries.
The organization’s Executive Director, Richard Nii Armah, stressed that unlocking these funds presents an opportunity to restore dignity to affected families and stimulate economic growth, saying, “Unlocking these funds presents an opportunity to restore dignity to affected families and stimulate economic growth.”
CLRL is advocating for reforms, including compulsory efforts by banks to contact next of kin, registration of multiple beneficiaries, and the establishment of a centralized database for dormant accounts.
The organization plans to petition key institutions, including the Bank of Ghana, Parliament, and the Attorney General’s office, to implement these changes and ensure that rightful beneficiaries can access these funds.
