Ghana Deposit Protection Act will rebuild confidence in the banking sector – PwC Director
December 6, 2018
The Director for Pricewaterhousecooper, Kingsford Arthur has suggested that one of the ways the Bank of Ghana can restore the confidence of Ghanaians in the banking sector is by ensuring that the Act on establishing Ghana Deposit’s insurance scheme is fully complaint with the International Association of Deposit insurer principle.
The Ghanaian Deposit Protection Act complaint with international Association of Deposit insurer’s principle will ensure depositors funds are safeguarded in the event of failure of financial institution and ultimately increase confidence in the banking sector.
The Basel Committee on Banking Supervision (BCBS) and the International Association of Deposit Insurers (IADI) in 2009, published Core Principles for Effective Deposit Insurance Systems, setting an important benchmark for jurisdictions to use in establishing or reforming deposit insurance systems.