Next of Kin of a deceased bank account holder is not automatic beneficiary - BoG

The Bank of Ghana (BOG) clarifies that being named a next of kin on a bank account does not grant automatic access to funds if the account holder dies.

The next of kin serves only as a primary contact to trace the account holder’s whereabouts.

Access to the deceased’s funds requires a legal process: beneficiaries must be named in a will and granted probate, while those without a will require a court-issued Letter of Administration.

This clarification was shared by Augustine Amoako Donkor, Assistant Director at BOG, during a financial workshop for journalists in Ashanti Region.