The Bank of Ghana (BoG) has advised individuals to thoughtfully select their next of kin, emphasizing that the chosen person should not only be of legal age but also capable of providing necessary information about the account holder when required.
This guidance addresses a widespread misunderstanding that naming someone as the next of kin automatically grants them access to the account funds upon the account holder’s death.
According to a notice from BoG Secretary Sandra Thompson, specific legal steps must be taken by the next of kin to access the deceased’s account.
These steps include submitting a death certificate, letters of administration, or letters of probate.
“To inherit or have access to the account of a deceased customer, one will have to be named in the deceased customer’s Will as a beneficiary of the account, and a court of competent jurisdiction will have to grant Letters of Probate to empower the person who has been named in the Will as a beneficiary, to obtain access to the deceased customer’s account.
“Administrators of the estate of a person who dies intestate can be appointed through Letters of Administration (L.A.) issued by a court of competent jurisdiction, which grants access to a deceased customer’s account.
“Based on this understanding, it is important to choose a Next of Kin who is capable of providing relevant information about you, when the need arises. As much as possible we encourage the choice of Next-of-Kins to be of legal age,” part of the statement read.