Dr Ernest Addison, BoG Governor<\/figcaption><\/figure>\n<\/div>\nThe Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said the Deposit Insurance Protection Corporation (DIPC) would now be fully operational from October.<\/p>\n
Speaking at a meeting with members of the Ghana Association of Bankers in Accra on Friday, he said this\u00a0is expected to boost depositors\u00a0confidence and lock-in the reform process.<\/p>\n
\u201cThis is one of the key pillars in securing financial sector stability,\u00a0as amended, in the \u00a0Ghana Deposit Protection Act 2016 (Act 931),\u201d he said.<\/p>\n
The Act was later enacted to protect small savings from losses incurred as a result of the occurrences of an insured event such as the revocation of a deposit-taking\u00a0institution\u2019s license among others. The Act also supports the development of a safe, sound, stable and efficient market-based financial system.<\/p>\n
How is DIPC going to work?<\/strong>\u00a0
Dr Addison disclosed that in the process of operationalizing the DIPC, BoG has already sent letters to banks to begin a process of onboarding after agreeing on an annual premium of 0.3 to 1.5 per cent of insurable deposits with participating institutions.\u00a0<\/p>\nThe Bank of Ghana, which is the project implementation authority, will support the DIPC for three\u00a0years to ensure sustainability.<\/p>\n
The agreed payout in the event of bank failure and the revocation of licenses have been pegged at \u00a26,250 per customer for banks and \u00a21,250 per customer for Specialized Deposit-Taking Institutions.<\/p>\n
Governor on discriminatory reforms\u00a0<\/strong>
The Governor in his address also rejected assertions that recent minimum capital requirement has been discriminatory.<\/p>\nHe stated that the banks that received support from government \u201cmet the qualifying criteria of being better governed and well managed\u201d.<\/p>\n
Dr Addison noted, \u201cWhat is being perceived as discriminatory should rather be seen as the reward for better corporate governance and good management\u201d.<\/p>\n
Governor on Heritage Bank\u2019s license revocation<\/strong>
Regarding recent reports that the central bank was\u00a0not been fair over\u00a0its handling\u00a0of Heritage Bank license revocation, he said, \u201cHeritage Bank did not have the initial \u00a2120 million capital required to obtain the Universal Banking license that was granted in 2016.\u201d<\/p>\nThe Governor maintained \u201cIn fact, the shareholders and directors of the Heritage Bank had round-tripped on a \u00a230 million payment made by COCOBOD \u00a0to Alive Industries, a related company belonging to the principal shareholder\u2014bank statements and the transaction documents are available for those who are interested to review.\u201d
Restoring Confidence after clean up\u00a0<\/p>\n
\u201cWe expect access to credit to be on a predictable and cost-effective term as part of the benefits of the reforms\u201d the governor noted.<\/p>\n
The Governor also announced that \u201cthis week we have met with every bank and discussed ways in which these results can be realized by the end of the year.\u201d<\/p>\n
Source: Joy business<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Dr Ernest Addison, BoG Governor The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said the Deposit Insurance Protection Corporation (DIPC) would now be fully operational from October. Speaking at a meeting with members of the Ghana Association of Bankers in Accra on Friday, he said this\u00a0is expected to boost depositors\u00a0confidence and […]<\/p>\n","protected":false},"author":1,"featured_media":699978,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-705443","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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