Business News of Monday, 18 November 2019Source: Ghananewsagency.orgDeposit insurance is a catalyst for financial stability in Ghana - VeepVice President Bawumia in a group photo with some dignitaries at the launchVice President Dr Mahamudu Bawumia Monday launched the Ghana Deposit Protection Corporation (GDPC) to support the development of a safe, sound and stable market-based financial system. Therefore, he said, taking measures to protect the deposits of bank customers, either through the establishment of deposits insurance schemes or enhancing already existing schemes was critical for all stakeholders in the financial sector to promote financial stability. Ghana established the Ghana Deposit Protection Scheme and enacted the Deposit Protection Act (Act 931) as the legal framework for protecting depositors’ funds. The event, organised by the GDPC and the Central Bank, was held under the theme: “Deposit Protection: A Catalyst for Financial Stability”. The Central Bank, he said, would take keen interest in matters bordering on deposit insurance because it recognised the importance a deposit protection scheme could contribute towards the stability of the entire macroeconomic architecture of the country.

Source: GhanaWeb November 18, 2019 18:56 UTC