{"id":747579,"date":"2019-11-19T15:28:14","date_gmt":"2019-11-19T15:28:14","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/19\/bawumia-upbeat-about-gdpc\/"},"modified":"2019-11-19T15:28:14","modified_gmt":"2019-11-19T15:28:14","slug":"bawumia-upbeat-about-gdpc","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/19\/bawumia-upbeat-about-gdpc\/","title":{"rendered":"Bawumia Upbeat About GDPC &#8211;"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr Mahamudu Bawumia<\/strong><\/p>\n<p>VICE PRESIDENT Dr Mahamudu Bawumia has expressed confidence in the ability of the newly established Ghana Deposit Protection Corporation (GDPC) to safeguard the savings and investments of Ghanaians.<\/p>\n<p>Speaking at the official launch of the GDPC and the International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) technical assistance workshop in Accra, yesterday, the Vice President noted that there was ample evidence from across the globe that the presence of strong safety nets was crucial to restoring and maintaining public confidence in the financial system.<\/p>\n<p>Apart from that he said deposit insurance systems could play an essential role in protecting banks\u2019 customers and reducing vulnerabilities of the financial sector and that \u201cdeposit insurance can enhance stability of the financial system by preventing bank runs and supporting the stability and smooth operation of the economy.\u201d<\/p>\n<p>The GDPC was formed following the recent crisis that bedeviled the country\u2019s financial sector which left in its wake the virtual collapse of 11 banks, 347 microfinance institutions and 43 fund managers.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Confidence <\/strong><\/p>\n<p>With the inauguration of the GDPC Board of Directors and the corporation\u2019s member financial institutions paying their initial premiums to the scheme, Dr Bawumia has assured of government\u2019s continuous support in ensuring that it grows to become an important safety net in Ghana\u2019s financial sector.<\/p>\n<p><strong>Public Education<\/strong><\/p>\n<p>He was also confident that members of the IADI would help to steer the corporation in the right direction of international best practice.<\/p>\n<p>In view of the fact that the GDPC would be operating in a largely reformed financial sector, the Vice President stressed the need for them to ensure the necessary public education about the scheme, its operations and benefits to every depositor, insisting \u201csuch an education is an invaluable public good and we must get on with it soon as possible.\u201d<\/p>\n<p><strong>Charge <\/strong><\/p>\n<p>With this relatively new deposit insurance scheme, in addition to the sound prudential regulation by the Bank of Ghana (BoG), he stressed the need for the GDPC to ensure that the Ghanaian financial sector was set on a good path to financial stability.<\/p>\n<p>Governor of the BoG, Dr Ernest Addison indicated that the absence of a deposit insurance scheme in the midst of bank failures could impose enormous strain on fiscal policy management.<\/p>\n<p>\u201cIn the absence of an effective scheme, as has been the case in Ghana until now, the failure of banks and specialized deposit-taking institutions would suddenly place an enormous burden on tax payers, as the government would be compelled to finance pay-outs to depositors in an attempt to forestall the potential for a bank-run and help contain threats to financial stability,\u201d he noted.<\/p>\n<p><strong>By Charles Takyi-Boadu, Presidential Correspondent<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr Mahamudu Bawumia VICE PRESIDENT Dr Mahamudu Bawumia has expressed confidence in the ability of the newly established Ghana Deposit Protection Corporation (GDPC) to safeguard the savings and investments of Ghanaians. Speaking at the official launch of the GDPC and the International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) technical assistance workshop in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":747580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-747579","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bawumia Upbeat About GDPC - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/11\/19\/bawumia-upbeat-about-gdpc\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bawumia Upbeat About GDPC - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr Mahamudu Bawumia VICE PRESIDENT Dr Mahamudu Bawumia has expressed confidence in the ability of the newly established Ghana Deposit Protection Corporation (GDPC) to safeguard the savings and investments of Ghanaians. 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