President Akufo-Addo in a group photograph with the Deposit Protection Scheme Board Members.
President Nana Addo Dankwa 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.
About GDPS
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.
By Charles Takyi-Boadu, Presidential Correspondent
