Augustine Amoako Donkor, the Head of Conduct Supervision at the Bank of Ghana, has justified the Bank’s position that the next of kin is not entitled to automatically inherit the funds of a deceased account holder, clarifying the Bank’s stance on the matter.
According to Donkor, in Ghana, the next of kin serves solely as a point of contact for the account holder, and their role does not extend to the automatic inheritance of the deceased’s funds, emphasizing a clear distinction between the two responsibilities.
He stated that the primary function of the next of kin is to facilitate communication with the account holder during emergencies or when necessary, serve as a vital contact point to ensure accessibility.
“You being nominated as the next of kin does not give you that automatic right to the funds. That decision rests with the account holder. If the account holder wants the next of kin to take over the account upon their death, the will indicates this”.
“Even when this is done, there are some legal processes that this next of kin who is named in the will goes through. You need to go through the legal process to obtain a probate to be able to empower you to now have access to the account”.
Augustine Amoako Donkor
Donkor further emphasized that even in situations where an account holder passes away without a will (intestate), there are established legal protocols in place to handle such cases, ensuring a clear and orderly process for resolving the deceased’s estate.
He explained that the interested party or next of kin must navigate the legal system to obtain letters of administration, which serve as the necessary authorization to access the deceased’s account.
Donkor revealed that the Bank of Ghana’s recent nationwide public education initiative has brought to light a widespread misconception – the belief that the next of kin automatically inherits account funds – which needs to be addressed and corrected.
He stated that the Bank of Ghana’s public education efforts aim to inform and empower the public with knowledge of the correct procedures, reducing the likelihood of disappointment and frustration in situations involving account inheritance.
BoG Takes Custody Of Dormant Funds After 3 Years
Furthermore, Augustine Amoako Donkor explained that in cases where the next of kin is unable to access the funds through legal channels, the Bank of Ghana takes custody of the dormant account funds after three years, transferring them to its account for safekeeping.
Donkor emphasized that as long as the proper legal procedures are followed, there should be no obstacles preventing a next of kin or interested party from accessing the funds, ensuring a smooth and successful transfer.
“During this period [after the funds have been transferred to BoG], a relative still has the opportunity to access this account anytime whatever legal blocks that exist are cleared, they can still come over and make claims for the account.
“But, this I will say, is in the extreme because ordinarily, there should be no reasons why after relatives have gone through the legal processes and obtained probate as required, they should not be able to access the account of the deceased person”.
Augustine Amoako Donkor
Meanwhile, attorney Kweku Paintsil expressed his appreciation for the Bank of Ghana’s timely clarification on the next of kin issue, noting that it would help to dispel confusion and provide much-needed clarity on the matter.
According to the Legal Practitioner, individuals who have sought legal counsel regarding these matters would already be well-informed about the procedures and regulations surrounding next of kin and account inheritance.
Kweku Paintsil praised the Bank of Ghana for clarifying the doubts and misconceptions, urging everyone to take advantage of this educational opportunity and empower themselves with the knowledge.
