GH¢500M Dormant Funds: Reforms Could End 'Inheritance Poverty' for Ghanaian Families

Ghana is sitting on a financial time bomb that could transform the lives of thousands of families, if only the system would let them access it. A new push by the Institute for Liberty and Policy Innovation (ILAPI) is demanding urgent reforms to Ghana's inheritance system, as nearly GH¢500 million sits in dormant accounts, locked away from the very people who need it most.

Speaking at the maiden Inheritance Clinic and Dialogue held in Ho on September 10, 2026, ILAPI's CEO Peter Bismark Kwofie revealed staggering numbers: 1,448,660 dormant accounts were transferred to the Bank of Ghana between January 2021 and July 2024, with funds accumulated from 2016 to 2024 reaching about GH¢500 million. The event, organized with the Centre for Legitimacy and Rule of Law (CLRL) and LoveAid Foundation, highlighted a crisis that pushes vulnerable families into what ILAPI calls 'inheritance poverty'.

Why is it so hard for Ghanaians to access inherited funds?

The research paints a frustrating picture. Beneficiaries often face a maze of bureaucratic procedures, high costs, and complex verification requirements across banks, insurance companies, and pension institutions. ILAPI Researcher Stephen Dansu noted that some families must deal with up to 14 different institutions just to claim what is rightfully theirs.

Shockingly, 51.30% of research participants reported that the process takes over a year to complete. For families already grieving, the financial and emotional toll can be devastating. Dansu highlighted that when the deceased was the main breadwinner, the death of one person could push about six people into poverty, making the inability to access funds a systemic dimension of poverty itself.

A digital solution for a modern Ghana

ILAPI is not just pointing out problems; they are offering bold, innovative solutions. The institute is calling for a single Next of Kin and Beneficiary Access Act to standardize procedures across all financial sectors. But the most forward-thinking proposal is a central digital claims portal linked to Ghana Card data. Imagine a system where beneficiaries are automatically notified when accounts become dormant, and verification happens in days, not years.

Kwofie also proposed the creation of an Independent Dormant Asset Trust. This fund would invest dormant assets, with returns supporting social interventions and social enterprises. The government could even borrow from this fund, as long as it repays, rather than seizing private property. Kwofie firmly rejected any state takeover of dormant funds, stating that inactivity does not mean abandonment.

Why writing a will is a game-changer

Here is a startling fact from ILAPI's research: about nine out of ten Ghanaians do not have written wills. Dansu is encouraging Ghanaians to see will-writing as a crucial part of financial planning, not a morbid exercise. 'Having a will does not mean you are preparing for death,' he said, 'it means you are preparing for your family's future.'

Princess Lovia Tetteh, Executive Director of LoveAid Foundation, stressed that inheritance is especially critical in regions like Volta, where disputes over property and spousal rights can destabilize families and gender relations. She urged young professionals to think beyond wealth creation and consider how their assets will be protected and transferred.

What does this mean for Ghana's economic future?

This is not just about individual families; it is about economic growth. When families can access inherited assets quickly, they can invest in education, business, and housing, fueling the kind of grassroots economic development Ghana needs. The dialogue in Ho is a crucial step in moving the conversation beyond Accra and Ashanti, bridging the gap between customary and statutory systems.

ILAPI is calling on the Bank of Ghana, the National Insurance Commission (NIC), the National Pensions Regulatory Authority (NPRA), and Parliament to act. The proposals are on the table: a public register of dormant funds, an annual report, and a streamlined verification process. The question is, will our leaders seize this opportunity to create a fairer, more compassionate financial system?

For Ghana to truly become a hub of innovation and opportunity, we must ensure that no family is left behind, especially in their moment of greatest need. The reforms are clear, the data is compelling, and the time to act is now.