Fmr NSA boss to head Unclaimed Financial Assets Authority

Former National Service Authority (NSA) boss, Felix Gyamfi, is set to lead preparatory works towards the establishment of the Unclaimed Financial Assets Authority in Ghana.

On September 8, Mr Gyamfi was reassigned to the Ministry of Finance, effective immediately.

A letter dated September 9, 2025, addressed to Mr Gyamfi and signed by the Secretary to the President, Dr Callistus Mahama, said, “The reassignment recognises your experience and expertise and is intended to enable you to lead the preparatory work towards the establishment of the Unclaimed Financial Assets Authority of Ghana, a key institutional reform under the Government’s Reset Agenda.”

 

“Your role will be pivotal in laying this Authority’s technical, administrative and operational foundation, which is expected to safeguard unclaimed funds and channel them productively for national development,” the letter indicated.

These are the duties of an Unclaimed Financial Assets Authority.

Mr Gyamfi has accordingly been directed to hand over his responsibilities and all official property in his custody to Ms Ruth Seddoh, Deputy Director-General (Finance and Administration), who will assume responsibility for the day-to-day administration of the Authority until further notice.

These are the duties of the Unclaimed Financial Assets Authority.

Safeguarding Unclaimed Assets
Receive and securely hold unclaimed financial assets such as dormant bank accounts, unclaimed dividends, pension benefits, insurance policies, and other financial instruments.

Reuniting Owners with Assets
Establish mechanisms to trace and return unclaimed assets to their rightful owners or beneficiaries.

Creating Public Awareness
Educate the public on the existence of unclaimed financial assets and the procedures for claiming them.

Promoting Accountability and Transparency
Ensure that institutions holding financial assets comply with reporting and remittance obligations as required by law.

Efficient Management of Assets
Invest unclaimed assets prudently until they are claimed, ensuring value is preserved or grown for the rightful owners.

Compliance and Enforcement
Monitor, enforce, and ensure compliance with the Unclaimed Financial Assets Act among holders, including banks, insurance firms, pension schemes, and listed companies.

Data Collection and Research
Maintain a central database of unclaimed assets and use research to improve policies and strategies for asset recovery and reunification.