The Ghana Deposit Protection Bill, 2015 has been passed into Act by the Parliament of Ghana at a sitting on Monday, July 4, 2016 after going through a successive Third Reading.
The new law, Ghana Deposit Protection Act, 2015, will provide for the establishment of a Deposit Protection Scheme, a Deposit Protection Fund, a Deposit Protection Corporation and for related matters.
The Act seeks protect a small depositor from loss incurred by the depositor as a result of the occurrence of an insured event and to support the development of a safe, sound, efficient and stable market-based financial system in Ghana.
It also seeks to bring all the assets of the scheme under one umbrella (Deposition Protection Fund) and the Deposit Protection Corporation to effectively and efficiently manage the Scheme to attain its objectives amongst others.
The new law was premised on the recent financial crisis that hit DKM and some other savings and loans companies where some depositors lost their money.
Finance Minister, Seth Terkper, told journalists on the sidelines of Monday’s sitting that the new by the Central Bank is an insurance scheme being introduced in the country’s financial sector to give protection to depositors.
“We don’t want the depositor to suffer a catastrophic loss in the event of mismanagement by employees or charlatans or tricksters taking advantage to rob them of their hard earn money”, he noted.
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