The government is developing a policy that would allow unclaimed balances in dormant bank accounts to be used for national development, while protecting the rights of account holders, Finance Minister Dr Cassiel Ato Forson has announced.

A speech delivered on his behalf by the Coordinating Director (Technical) at the Ministry of Finance, Samuel Akhurst, at the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP) Ghana and Bank of Ghana Non-Performing Loans Forum in Accra, said the policy is currently under review.

Dr Forson said the proposed framework will draw on international best practices to ensure dormant financial assets are managed transparently and in the public interest, without affecting the ownership rights of account holders.

He said the policy would rest on three principles: protecting ownership rights, ensuring transparency and accountability in managing dormant assets, and using eligible dormant funds strictly in the public interest under strong legal safeguards.

He stressed that account holders would retain the right to reclaim their money at any time.

"The government recognises the growing global interest in making productive use of dormant financial assets while ensuring that rightful owners can reclaim their funds at any time," he said.

Dr Forson added that the government would consult regulators, financial institutions, insolvency practitioners and other professional bodies before finalising the policy.

"The government is committed to an inclusive consultative process involving regulators, financial institutions, insolvency practitioners and other professional bodies to ensure that the policy reflects the needs of all stakeholders," he stated.

On the broader economy, the Finance Minister said fiscal discipline, prudent monetary policy and ongoing structural reforms had helped restore macroeconomic stability, adding that inflation had declined and exchange rate stability had improved, creating a better environment for businesses and investment.