Ghana’s Bold Plan: Turning Dormant Bank Accounts into Fuel for National Growth
Ghana is set to unlock a new frontier of development finance. Finance Minister Dr Cassiel Ato Forson has announced a policy framework to regulate the use of unclaimed balances in dormant bank accounts, channeling these funds into national development projects while fully protecting the rights of account holders. This is not about taking money from Ghanaians. It is about putting idle capital to work for the common good.
The policy, currently under review by the Ministry of Finance, draws on international best practices to ensure transparency and accountability. A speech delivered on behalf of the Minister by Samuel Akhurst, Coordinating Director (Technical) at the Ministry of Finance, at the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP) Ghana and Bank of Ghana (BoG) Non-Performing Loans (NPLs) Forum in Accra, confirmed the government’s commitment to a robust legal and governance framework tailored to Ghana’s circumstances.
What are the guiding principles?
Dr Forson outlined three key pillars: protection of ownership rights, transparency and accountability in managing dormant assets, and the effective use of eligible funds strictly in the public interest under strong legal safeguards. The government recognizes the global trend of making productive use of dormant financial assets while ensuring that rightful owners can reclaim their funds at any time. This is a win-win for everyone.
How will stakeholders be involved?
The Minister emphasized an inclusive consultative process. “The government is committed to an inclusive consultative process involving regulators, financial institutions, insolvency practitioners and other professional bodies to ensure that the policy reflects the needs of all stakeholders,” he stated. This approach builds trust and ensures the policy works for Ghana’s unique economic landscape.
Macroeconomic progress: a foundation for growth
Touching on the broader economy, Dr Forson highlighted significant progress in restoring macroeconomic stability. Inflation has declined considerably, and exchange rate stability has improved, creating a more favorable environment for businesses and investment. This is the Africa that is moving forward, and Ghana is leading the charge.
Bank of Ghana Governor Dr Johnson Pandit Asiama stressed the need for a stronger framework to support financially distressed but viable businesses without undermining financial stability. He noted that while Ghana’s Corporate Insolvency and Restructuring Act (Act 1015) provides legal backing for business rescue, banks still face difficult decisions. Lenders must undertake rigorous assessments based on credible financial information, sustainable cash flows, and realistic restructuring plans before extending fresh financing.
Why are so few companies using business rescue?
CIRIP Ghana President Felix Addo expressed concern that only five companies have sought formal business rescue since the insolvency law came into force. He attributed the low uptake to limited awareness, inadequate access to rescue financing, and regulatory constraints. Addo called for stronger institutional capacity, specialized insolvency courts, and the establishment of a national distress fund to preserve viable companies, jobs, and investments.
This is a moment of transformation. Ghana is not just fixing problems. It is building systems that unlock potential, protect citizens, and drive inclusive growth. The message is clear: Ghana is open for business, and the future is bright.