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76% Ghanaians believe money of dead relatives are with banks, insurance companies – Report

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Sat, 18 Nov 2023 Source:

A new study conducted by a policy think tank, Institute for Liberty and Policy Innovations (ILAPI), has revealed that some Ghanaians believe the funds of their dead relatives are with banks, insurance companies, and pension firms.

An exploratory study conducted by ILAPI with 1000 respondents showed how Ghanaians believe the funds of their dead relatives are with banks, insurance companies, and pension firms.

The study revealed that several people are dying in accidents and burning through with their money locked up in banks, insurance, and pension firms.

According to the study, the families of these deceased persons are unable to access the funds due to their ignorance of the process and long administrative challenges.

ILAPI said the study was conducted because they have an interest in removing barriers to prosperity and improving human dignity.

The free enterprise think tank also believes that the inability to access the funds of dead relatives has caused high dependency and family poverty.

In the study, lots of interesting administrative barriers were identified, and in contributing to efforts to alleviate poverty, ILAPI is organising a High-level dialogue to help end family poverty.

The dialogue is taking place at the Coconut Groove Regency Hotel in Accra on Monday, November 27, 2023, between 1:00 PM and 3:00 PM.

The speakers are Francis Xavier Sosu, Esq., MP Madina Constituency; Frank Papa Kwabena Kumi, President, Pali Centre for Transformative Leadership; Bismark Kwofie, Executive Director, ILAPI; and Ebenezer Isaac Teye Nubour, Senior Partner, Voxtua Legal Services.

ILAPI and its Executive Director, Peter Bismark Kwofie, are inviting anyone who is facing challenges accessing the funds of his or her dead relative(s) to join the dialogue.

The overall objective is to secure well-defined legal structures with little to no barriers for the next of kin to access the funds of the deceased breadwinner to reduce poverty and dependency.

The dialogue seeks to cause reforms and provide a transparent and accountable approach when completing bank accounts and subscribing to insurance policies; to provide a clear administrative path and documentation needed to access the funds of the deceased to support the welfare of the spouses, children, and the family; and to help reduce poverty and dependency through the next of kin and beneficiaries accessing the funds in the banks, insurance companies, and SSNIT visa-vis the cultural dimensions.

More findings from the report will be discussed with experts in the industry to remove barriers to improving human dignity and complement government efforts on poverty reduction.