President Akufo-Addo has inaugurated the newly constituted Ghana Deposit Protection Corporation (GDPC), with a charge to work hard to safeguard the savings of Ghanaians in the numerous financial institutions.
The task comes on the heels of the banking crisis that hit the country, leading to the introduction of major reforms in the banking and finance sector, including the revocation of licence of some insolvent banks and other financial institutions.
“The work that it is meant to do goes to the heart of the crisis that has engulfed the banking sector of our country, so important responsibilities are being imposed on you,” the President told the board which is chaired by the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, after administering the Oaths of Office and Secrecy to members of the seven-member board.
Other members of the board include Pearl Ena-Mensah, the Chief Executive Officer of the Ghana Deposit Protection Corporation; Sampson Akligoh, Representative of the Ministry of Finance, and Rev. Mrs. Patricia Sapporo, Representative of the Chartered Institute of Bankers.
The rest are Joseph Hyde Jnr, Representative of the Association of Ghana Industries (AGI); George Amissah Jnr., Representative of the Ghana Bar Association (GBA), and Dr. Daniel Seddoh, Representative of the Institute of Chartered Accountants Ghana (ICA).
Dr. Addison, for his part, assured the President that the board would be “relentless in driving the GDP to be a key pillar in securing financial stability in Ghana.”
“The Board of the Ghana Deposit Protection Corporation is up to the task of building an effective, credible and strong Deposit Protection Scheme for Ghana to achieve the corporation's principal objective of supporting the development of a safe, sound, efficient and stable market-based financial system in Ghana,” he pledged.
The Ghana Deposit Protection Scheme (GDPS) was established by the Ghana Deposit Protection Act, 2016, Act 931, as amended by the Ghana Deposit Protection (Amendment) Act, 2018, (Act 968).
The scheme seeks to protect a small depositor from loss incurred by the depositor as a result of the occurrence of an insured event.
The GDPS was conceived based on feasibility studies conducted in the year 2012, and with collaboration between the BoG and the Government of Ghana.