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Next of kin has no automatic access to bank account
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- 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
Deputy National Women Organiser of the New Patriotic Party (NPP), Mimi Duah, has openly declared her support for Mavis Hawa Koomson as the next National Women’s Organiser of the party.
In a statement endorsing Hawa Koomson’s candidature, Ms Duah outlined four key reasons why she believes the former MP and Minister of State is best placed to lead the party’s women’s wing.
According to her, Hawa Koomson is a motherly figure who rose from the grassroots and is widely noted for her forgiving nature and ability to foster unity.
“She is a true grassroots mother who easily forgives, fosters unity, provides guidance and arbitrates to ensure all aggrieved party women are brought on board to ensure a unified women’s wing,” she stated.
Ms Duah also pointed to Hawa Koomson’s vast experience, having served as a Constituency Women’s Organiser, Member of Parliament and Minister of State, noting that the experience positions her to provide effective leadership as National Women’s Organiser.
She further described Hawa Koomson as capable of making the women’s wing resourceful, through her extensive network and business contacts, to lobby for logistics, training and financial support for women organisers at all levels.
Lastly, she said the NPP as an opposition party needs fearless, bold and assertive leadership at the women’s front to inspire regional, constituency and polling station women organisers as the party reorganises towards the 2028 elections.
“We need a Women’s Organiser who has been tested, who is bold, who understands grassroots women, and who can lead us to victory in 2028. Hon. Mavis Hawa Koomson is that leader,” she stressed.
By Edem Mensah-Tsotorme
News
Tourism, Culture and Creative Arts Minister inaugurates Ghana-Korea Heritage Project Steering Committee
Tourism, Culture and Creative Arts Minister, Abla Dzifa Gomashie, has inaugurated the Ghana-Korea Heritage Project Steering Committee to provide strategic oversight for a five-year programme focused on preserving Ghana’s heritage sites and strengthening their resilience to climate change.
The project will support climate-risk mapping, digital surveying and 3D modelling, joint research, capacity building, community engagement and modern monitoring technologies.
Korea is also providing specialised equipment, including drones, 3D scanners, digital microscopes, thermal imaging cameras and GPS survey instruments, to enhance Ghana’s capacity to scientifically assess, document and conserve heritage structures.
The partnership, which will run through 2030 and beyond, is expected to deepen Ghana-Korea cultural ties while promoting sustainable, technology-driven and climate-adaptive heritage management for future generations.
By Edem Mensah-Tsotorme
