News
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
Craze for x’mas shopping: Crowded markets, low patronage
Vendors of food and other wares associated with the Christmas celebration have expressed surprise at the low patronage despite the increased number of visitors to some of the major markets across the capital.
Four days to the celebration(Christmas), the markets are filled with various products ranging from food, clothing, livestock and many other stuff, but according to the vendors, patrons are doing more ‘window’ shopping.
The Spectator on visits to some of the markets in the capital, notably the Odawna, Makola, Accra Central Business District, New Town and others made similar observations as shoppers crowd them but did little in terms of purchases.
The paper also observed that majority of vendors, originally selling other wares have switched to product related to the festive season.
What it means is that there are a lot more clothes, food and vegetables, livestock and poultry, toys, firecrackers, drinks of different types and many others on display.
The markets have also stretched to the pedestrian pavement, leaving very narrow spaces for commuters to move about freely.
That, in addition to a few of the female vendors dressed in coloured attires to reflect the occasion, has heightened the euphoria, leaving the low sales as the only headache for the vendors.
Speaking with this paper, they sounded very optimistic, believing that sales would improve in the last few days to the yuletide.
According to them, there was the opportunity to sell beyond Christmas as the New Year celebration offers similar opportunity to trade the same wares.
They urged patrons to throng the markets to shop since prices were quite moderate and products affordable for all.
News
Retirement service for Elder John Ackom-Asante,3 others
Retired Deputy Editor of The Spectator, Elder John Ackom-Asante, was last Sunday honoured by the Church of Pentecost Windy Hills District in Kasoa in the Central Region, with a retirement thanksgiving service, after serving for 26 year as an Elder of the church.
He was honoured with a citation and certificate of service along with three other elders who served in the capacity for various years.
Elder Ackom-Asante was baptised at the Darkuman Central Assembly in 1979 and ordained as an Elder in 1997.
The citation read “Your selfless service, zeal, willingness to relate wholeheartedly and your desire to effect change has gone a long way to shape the lives of many people in the church and the nation over the 26 years of your dedication to the service of the Lord.”
Elder Ackom- Asante held many positions at the Darkuman Central Assembly, Obuasi in the Ashanti Region and Tema, serving in various capacities as youth and evangelism ministry leader and marriage counsellor.
He was the founding member of the Darkuman Christian Fellowship, a member of the Greater Accra Christian Fellowship; member of Bible Society of Ghana; founding member Obuasi Chapter Full Gospel Businessmen Fellowship International and founding member of New Times Corporation Christian Fellowship and Chaplain, Methodist University Tema Campus 2009- 2010.
As a professional journalist, Elder Ackom-Asante combined effectively and efficiently his duty as a member and elder of the church and the demands of his profession, with admiration from the church, kith and kin, till his retirement on December
From Alhaji Salifu Abdul-Rahaman, Kasoa
