News
Next of kin has no automatic access to bank account
- Journalists that participated in the BoG workshop
It is belief of many that the next of kin of a bank account automatically has access to funds if the account holder dies.
But this is not exactly so, because the next of kin is only a nominee of the account holder who serves as a primary contact in the event where the bank is not able to reach out to the account holder.
This came to light at a training programme organised by the Bank of Ghana (BoG) for some selected journalists in Kumasi.
Assistant Director, Financial Stability Department of the BoG, Mr Augustine Amoako Donkor, explained that the next of kin concept in the banking sector or operation is to trace the whereabouts of an account holder and not who inherits the account.
“If you are made the next of kin of a bank account by a friend or relative, then know that you do not have automatic access to the funds in the account should the account holder dies.
The next of kin should know a lot about the account holder and that is why in practice, many people will use their close relatives,” he said.
He explained that a customer of the bank has every right to choose a friend who knows much about him/her to be the next of kin “because the main purpose of choosing a next of kin is to provide information on why the account holder is not reachable.”
Mr Donkor said processes to retrieve funds in an account of a deceased customer was a whole different issue when established that the account holder had died.
The two-day residential programme took participants through microeconomics stability, monetary policy practice in Ghana, inflation dynamics in Ghana, development in foreign exchange markets, concept of next of kin, among others.
It sought to deepen the understanding of participants in the operations of BoG and also build their capacity in financial reporting.
But, the journalists were amazed to learn during a presentation on the main traditional sources of foreign exchange supply to Ghana that remittances are the driving force of the economy.
In the presentation, it was observed that in 2023, Ghana received US$5.1 billion from remittances, and as of June 2024, US$3.5 billion had been received.
Although the year 2024 was yet to end, that figure has been projected to increase as relatives and friends send money to family members ahead of the Christmas celebrations.
From Kingsley E. Hope, Kumasi
The family of Ambassador James Victor Gbeho, a distinguished statesman and diplomat, has paid a courtesy call on President John Dramani Mahama. They officially informed him of his passing.
The delegation, representing the Gbeho family, noted that it was culturally and diplomatically important to formally notify the President of the loss before making a public announcement of his death.
Ambassador Gbeho was a towering figure in Ghanaian and international politics. He served in many diplomatic missions, including New York. He was Ghana’s Minister for Foreign Affairs, a Member of Parliament for the Anlo constituency, and President (formerly Executive Secretary) of the ECOWAS Commission.
He was widely respected for his role in regional integration and his contributions to global diplomacy at the United Nations.
President Mahama expressed his condolences and shared reflections on Ambassador Gbeho’s contributions to the country, West Africa and the world.
Funeral details will be announced later.
The Minister for the Interior, Muntaka Mohammed-Mubarak, has revoked all firearm permits in Ghana with immediate effect and announced a new registration process for all gun owners.
The minister made the announcement on Tuesday, June 23, at the information service department saying all individuals who currently hold licences to own firearms or sidearms must undergo a fresh registration process.
“From this afternoon, all permits that have been granted to any individual that you are holding a sidearm or firearm is hereby revoked,” Mr Muntaka said.
He explained that the government had identified gaps in the country’s firearm registration system and needed to introduce stricter measures to improve public safety.
“We are opening the window where everyone will have to come forward again to register or re-register the gun because we’ve changed the procedure,” he stated.
According to him, the government decided not to wait until the end of the year to make the changes because lives could still be saved within the next six months.
The Interior Minister said one of the new requirements would be mandatory mental health screening for applicants seeking firearm licences.
“We’ve seen that people with mental health have already gone through and have the sidearm. Now we are introducing mental health. Before we give you the sidearm, we have to be sure that you have the mental stability to hold the firearms,” he said.
Mr Muntaka also announced that applicants would be required to undergo drug tests before being granted licences.
“We’ve also realised that people who are on drugs are also holding their arms and they are legitimate because it’s been registered. Now you have to go through drug tests to be sure that you are not on drugs before you can hold sidearms,” he added.
The minister said the new measures form part of efforts by the government to tighten firearm control and prevent legally registered weapons from falling into the wrong hands.
He urged all firearm owners to cooperate with the new registration process once details of the exercise are announced.
By: Jacob Aggrey
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