BoG Clarifies Next-Of-Kin Misconception, Says Inheritance Is Not Automatic
- The Bank of Ghana (BoG) has said that next-of-kins are not automatically entitled to accessing the funds in a deceased's account
- Clarifying the misconception, it stated that next-of-kin must provide a death certificate and letters of probate or administration
- The BoG explained that without these legal documents, the funds in a deceased person's account would remain with the bank
The Bank of Ghana (BoG) has clarified the perceived misconception that a next-of-kin automatically inherits the funds of an account holder upon their passing.
According to the Secretary of the Central Bank, the process is not as automatic as many have come to believe.
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In a statement dated August 27, 2024, Sandra Thompson stated that the next-of-kin must follow certain specific legal procedures before they can access the funds of the deceased’s account holder.
She explained that to inherit or access a deceased customer’s account, they must be named a beneficiary in the deceased’s will.
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The beneficiary must then seek Letters of Probate from a court of competent jurisdiction to empower them to access the deceased’s account.
If the deceased died intestate, the BoG’s secretary explained that the administrators of the deceased’s estate must be appointed through Letters of Administration by a court of competent jurisdiction to access the customer’s account.
She added that the next of kin would also have to produce legal documents, including the account holder's death certificate and letters of administration or probate, before being granted access to the deceased’s account.
The Bank of Ghana advised customers to choose a legal-age next-of-kin who can provide relevant information about them when demanded.
The institution also urged all Ghanaians to own a bank or mobile money account to promote financial inclusion.
BoG bans 47 individuals for issuing dud cheques
Meanwhile, the Bank of Ghana has sanctioned 47 individuals and 245 business entities for issuing dud cheques.
The Bank of Ghana said the individuals and entities breached a March 2021 notice warning that such actions could face severe penalties in the future.
In a statement announcing the sanctions, the central bank, per Joy Online, stated that the affected bank customers issued dud cheques on at least three occasions between January 2022 and January 2024.
The central bank said that the offenders were banned from issuing cheques in Ghana for three years due to their actions. The ban took effect from June 28, 2024.
BoG urges Ghanaians to use pesewa coins
YEN.com.gh previously reported that the Bank of Ghana said the one and five pesewa coins were legal tender and must not be rejected.
Head of Currency Management, Dominic Owusu, argued both coins could be used in transactions and must not be treated otherwise.
At a media engagement organised as part of the Ghana Month Celebration, he said the coins were still being issued within the country.
Proofread by Bruce Douglas, senior copy editor at YEN.com.gh
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Source: YEN.com.gh
