New Ghana Deposit Protection board inaugurated
By Praisebell Rosemond Larbi
The Deputy Minister for Finance, Thomas Ampem Nyarko, has inaugurated a newly reconstituted Board of the Ghana Deposit Protection Corporation (GDPC), tasking its members with the crucial responsibility of safeguarding the deposits of ordinary Ghanaians and enhancing public trust in the financial system.
At the inauguration ceremony in Accra, the Deputy Minister emphasized the critical role GDPC plays in maintaining financial system stability and protecting depositors, especially in times of crisis.
“Deposit protection is not just a regulatory obligation, it is a public good. It assures the everyday Ghanaian that their hard-earned savings are safe, even in the face of institutional shocks,” Mr. Nyarko said.
The reconstituted Board is chaired by the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, and includes:
Mr. Galahad Alex Andoh, Chief Executive Officer, GDPC
Mr. Prosper Ayinbilla Awuni, Representative of the Ministry of Finance
Mr. Benjamin Amenumey, Independent Member
Mr. Paul Kwasi Agyemang, Independent Member
In his remarks, Dr. Asiama expressed appreciation to President John Dramani Mahama and Finance Minister Dr. Cassiel Ato Forson for the trust placed in the new team. He pledged the Board’s dedication to effective leadership, transparency, and institutional innovation.
“We are honored by the confidence reposed in us and committed to strengthening the deposit protection scheme. We will ensure the Corporation operates with transparency, good governance, and cutting-edge tools to serve the people better,” the BoG Governor noted.
Dr. Asiama revealed the Board’s intention to adopt advanced technologies, particularly artificial intelligence (AI), to streamline operations, enhance early warning systems, and improve risk assessment models. He also indicated that the GDPC would pursue integration of Environmental, Social, and Governance (ESG) principles into its strategic framework.
“As the financial sector evolves, so must our tools and values. Our exploration of AI and ESG principles will position the GDPC as a modern, responsive, and responsible institution,” he added.
The Ghana Deposit Protection Corporation was established to provide a safety net for depositors in the event of bank failures. Its mission became especially relevant following Ghana’s financial sector clean-up between 2017 and 2019, which affected numerous deposit-taking institutions.
With renewed leadership and an expanded mandate, the GDPC is expected to deepen collaboration with banks, savings and loans companies, microfinance institutions, and other financial sector stakeholders to implement robust deposit insurance mechanisms.
“Financial inclusion and trust are the bedrock of a thriving economy. This new Board must ensure that no Ghanaian loses faith in the banking system because of uncertainty about their deposits,” Mr. Nyarko emphasized. The Deputy Minister also called on the Board to strengthen engagement with the public and ensure that ordinary citizens are aware of their rights and protections under the scheme.
