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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
News
Oguaa goes gay with Fetu Afahye
The ancient city of Cape Coast, one of Ghana’s historical cities, witnessed a showcase of the rich cultural heritage of the Oguaa people with an exciting, colourful, and traditional event to mark the celebration of the 61st annual Fetu Afahye.
Themed “Innovate to elevate: Harnessing the creative economy for sustainable growth”, the festival featured a vibrant lineup of events, interspersed with several cultural performances showcasing the traditions which depict the traditional, historical and ancestral heritage of the land.
It witnessed a colourful procession of chiefs and various Asafo companies from the Mfantsipim School junction through the principal streets of the town to the Jubilee Park, accompanied by drumming and traditional dances.
The chiefs and members of the asafo companies were adorned in regal attire symbolising the pride and unity of the community.
Fetu Afahye demonstrates Oguaa’s resilience, unity, and cultural pride as the town welcomed indigenes both within and outside, as well as people from far and near, desirous of participating in the festival.
Various public spaces, including eateries and pubs, attracted patrons, and streets within the town witnessed bustling events with music blaring from the loudspeakers that had been placed by the roadside.
Bakatue
Prior to the durbar was the Bakatue regatta, a canoe race on the Fosu Lagoon, organised by ATL, a campus-based radio station located within the University of Cape Coast (UCC) in collaboration with the Oguaa Traditional Council.
The event saw a thrilling spectacle as the three Asafo companies, Nkum No. 4, Bentsir No. 1, and Anaafo No. 2, battled aggressively on the Fosu Lagoon. Nkum No. 4 earned nine points to clinch the trophy, medals, and a cash prize. They were followed by Anaafo No. 2 with five points, while Bentsir No. 1 finished third with four points.
Orange Friday
Friday witnessed what has come to be known as the biggest street carnival in Ghana, known as ‘Orange Friday.’
It drew hundreds of people across the country. Clad in orange attires, the patrons gathered and moved through the streets of the town, creating a gridlock.
The Paramount Chief of the Oguaa Traditional Area, Osaberimba Kwesi Atta II, at the durbar of chiefs to climax the festival acknowledged the unifying factor in relation to culture among Africans and stated the need for Africans to take their destinies into their own hands.
He explained that festivals such as Fetu Afahye offer an opportunity for Africans to remind themselves of the future by working hard and embrace the future in order not to be taken by events.
The Vice President, Prof. Naana Jane Opoku-Agyemang, in a speech read on her behalf, noted that the festival was far more than a ritual or an annual duty, saying, “It is an affirmation of an identity, a homecoming and a powerful testimony to the wisdom and fortitude of our forebears”.
In his remarks, the Special Guest of Honour, the Olu of Warri State in Nigeria, Ogiame Atuwatse III, indicated that, the only thing holding Africans back was Africans themselves, which he said, was in the area of an African identity, and acting on that identity.
From David O. Yarboi-Tetteh, Cape Coast
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Chief Imam issues disclaimer on unauthorised petitions
The Office of the National Chief Imam has warned Muslim organizations and individuals against issuing statements and petitions to the Government in his name without permission.
In a statement, the Chief Imam said he had observed that some groups had been circulating petitions, including a recent one on Hajj, using his name without authorization.
He stressed that such actions were unlawful and cautioned those involved to stop or face the law.
The Chief Imam reminded the public that on October 4, 2022, he, together with the National Imams of all Muslim sects, signed a deed and presented it to the Government at the Jubilee House.
The agreement recognised the National Muslim Conference of Ghana as the official body representing Muslims in their dealings with state institutions.
He urged that any petitions meant to be sent to the Government in his name should go through the National Muslim Conference of Ghana with the approval of the Advisory Board of his office.
By: Jacob Aggrey
