ILAPI-Ghana Slams Government Plan to Tap Dormant Bank Accounts
The Institute for Liberty and Policy Innovation (ILAPI) has expressed deep concern over recent proposals by the Minister for Finance suggesting that the government could tap into dormant bank accounts to finance national development. The proposal has been met with severe criticism from ILAPI, who warn that appropriating private savings poses severe constitutional, economic, and ethical risks that threaten public trust in the country's banking sector.
Constitutional and Economic Risks
ILAPI has warned that appropriating private savings poses severe constitutional, economic, and ethical risks that threaten public trust in the country's banking sector. Peter Bismark, Executive Director of ILAPI-Ghana, stressed that long-term national development cannot be built on policies that erode property rights or undermine confidence in the financial system. "Citizens' savings, whether active or dormant, remain private property," Bismark noted.
Why Accounts Go Inactive
ILAPI highlighted several legitimate reasons why accounts might sit inactive, including long-term savings strategies, overseas migration, illness, ongoing inheritance disputes, or retirement planning. According to ILAPI, financial institutions already have clear mechanisms in place to reactivate inactive accounts once ownership is verified. The primary objective of any government policy should be reuniting citizens with their money, not converting dormant balances into government revenue for fiscal convenience.
ILAPI's Alternative Proposal
ILAPI urges the state to focus on structural fiscal discipline and institutional reforms. To achieve this, the government must prioritise cutting unbudgeted and inefficient public expenditure to free up fiscal space. The state should also strengthen accountability and anti-corruption mechanisms to recover misappropriated funds rather than targeting private savings. ILAPI also calls for the creation of a publicly accessible, transparent online registry and guide to enable families and heirs to easily trace and claim missing assets.
Independent Unclaimed Assets Trust
ILAPI proposed that Ghana establish an Independent Unclaimed Assets Trust rather than absorbing dormant accounts into the national budget. The trust would operate under strict statutory protections free from political interference or fiscal raiding, while guaranteeing that legitimate account holders or their heirs retain rights to make perpetual or long-term claims. The entity would be required to publish mandatory, regular public audits and financial reports to ensure total operational transparency.
Conclusion
ILAPI has called on policymakers to abandon any proposal that treats private savings as fiscal funding, urging the government instead to pursue reforms that expand economic prosperity, uphold fiscal discipline, and preserve constitutional protections for all Ghanaians. The proposal to tap into dormant bank accounts has sparked intense debate, with ILAPI and other civil society groups warning of the severe risks associated with this policy. The government must now consider the implications of ILAPI's proposal and decide whether to adopt a more transparent and accountable approach to managing unclaimed assets.
Source: Joy Online
