Policy think tank Institute for Liberty and Policy Innovation (ILAPI) has strongly cautioned the government against any plan to access dormant bank accounts to fund national development, warning that such a move violates constitutional rights and damages public trust in the financial system.
The reaction follows recent statements by the Minister for Finance indicating that the government intends to tap into inactive bank balances to help finance national projects amidst ongoing fiscal constraints.
In a press statement issued on Friday, ILAPI expressed deep concern over the proposal, stressing that dormant savings remain the private property of citizens, regardless of how long the accounts have been inactive.
“National development cannot be built upon policies that weaken property rights or erode public confidence in the financial system,” the statement signed by Executive Director Peter Bismark stated. “Citizens’ savings—whether active or dormant—remain private property.”
ILAPI acknowledged Ghana’s current fiscal pressures but insisted that funds left inactive do not translate to abandoned assets. Citizens often leave monies untouched for legitimate reasons, including long-term financial planning, international migration, prolonged illness, or unresolved inheritance issues.
“An economy thrives when individuals have confidence that their property is protected from arbitrary government interventions,” Mr Bismark noted. “Government’s responsibility is to protect these assets, not repurpose them for fiscal convenience.”
The policy institute argued that financial institutions already possess mechanisms to verify and reactivate dormant accounts, meaning the primary objective of public policy should be connecting legitimate owners or their heirs with their funds rather than absorbing those balances into state coffers.
Rather than targeting private savings, ILAPI urged the government to focus on structural economic solutions to improve its revenues.
The group recommended reducing wasteful public expenditure, strengthening mechanisms to recover misappropriated state funds, and establishing a publicly accessible online registry to help families track and claim inheritance assets.
As a sustainable option, ILAPI called for the creation of an Independent Unclaimed Assets Trust operating free from political control to safeguard these assets while ensuring rightful owners can reclaim their money at any point.
“ILAPI therefore urges Government to abandon any proposal that treats dormant private bank accounts as a source of fiscal financing,” the statement concluded. “Protecting citizens’ property today is essential for building a more prosperous Ghana tomorrow.”
By: Rainbowradioonline.com/Ghana
