WHAT IS DEPOSIT PROTECTION / INSURANCE?
It is a financial insurance scheme that protects SMALL DEPOSITORS by ensuring prompt payment of depositors in the event of the occurrence of a bank failure. It is a scheme established by Governments and Regulators across the world to promote trust in the financial system.
WHAT IS THE GHANA DEPOSIT PROTECTION SCHEME
The Ghana Deposit Protection Scheme was established by the Ghana Deposit Protection Act, 2016, (Act 931) which was passed in October 2016. The Act also establishes the Ghana Deposit Protection Fund, and the Ghana Deposit Protection Corporation to operate the scheme. The scheme seeks to protect the small depositor from loss incurred by the depositor as a result of the occurrence of an insured event. The object of the scheme is to support the development of a safe, sound, efficient and stable market-based financial system in Ghana.