The Bank of Ghana will start the implementation of dXCHARXassurance deposit scheme in the second quarter of 2018, announced its Governor Dr. Ernest Addison.
The plan aims, among others, to safeguard the savings of individual depositors in the country in order to strengthen confidence in the formal banking system and contribute to the stabilization and development of the financial system in Ghana.
For the governor of the central bank, deposit insurance is an additional safety net for depositors. “The idea is to have an extra layer of protection in addition to that the central bank normally done to protect and ensure adequate supervision of the financial sector. “He said.
Addison said the country could have the most conservative application of banking rules, have the most effective control over the financial sector but “you also need the deposit insurance system to strengthen confidence in the financial sector especially small depositors. ”
Pure Reason which BoG (Bank of Ghana) increased bank capital requirements and all things being equal, it considers that a strong and well capitalized bank, the sector will be well positioned to provide safer services.
In 2016, Parliament passed the law on the protection of deposits, which aims to establish a system dXCHARXassurance Deposit (DI) to protect depositors in case of bank failure.
