ILAPI-Ghana opposes government’s plan to tap dormant bank accounts to fund budget

The Institute for Liberty and Policy Innovation (ILAPI) has voiced serious reservations about the government's plan to draw funds from dormant bank accounts to support national development. ILAPI's Executive Director, Peter Bismark, highlighted the potential constitutional, economic, and ethical dangers that could erode public trust in Ghana's banking system.

He emphasized that citizens' savings, whether active or dormant, remain private property. The organization explained that dormant accounts often result from legitimate reasons such as long-term savings plans, overseas migration, illness, or retirement planning. Bismark stressed that financial institutions already possess methods to reactivate inactive accounts once ownership is confirmed, thus proposing that the government's primary goal should be reuniting account holders with their funds, not converting these dormant balances into government revenue.

Instead of exploiting dormant bank accounts as a source of government income, ILAPI advocates for structural fiscal discipline and institutional reforms. They recommend prioritizing the reduction of inefficient public expenditure and strengthening anti-corruption mechanisms to recover misappropriated funds. ILAPI also suggested the establishment of a transparent, publicly accessible online registry to help families and heirs locate and claim missing assets.

Additionally, they emphasized the need to eliminate bureaucratic delays to facilitate efficient fund access for families, thereby aiding in poverty alleviation. ILAPI proposed the creation of an Independent Unclaimed Assets Trust to safeguard constitutional rights, with strict statutory protections to prevent political interference or fiscal raiding.

This entity would hold idle balances in low-risk investments to ensure liquidity for incoming claims, while all assets would be strictly managed under trust.