No Result
View All Result
Thursday, February 3, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    McDan suspends private jet operations; asks for guidance and further talks

    ‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

    Airport workers call for sanctioning of operators who flout regulations

    Hospitality industry players confident of a rebound in business this year

    Tema ECG invests over GH¢3M into system improvement efforts

    Mobile money association of Ghana petitions minority to reject E-levy

    Shippers’ Authority eyes boost in transit trade as it shelters truck drivers

    Three startups begin incubation at Ho Node Hub

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Shippers’ Authority eyes boost in transit trade as it shelters truck drivers

    Fuel prices to go up as Price Stabilisation and Recovery levy is restored

    Rate of increase in value of MoMo transactions dipped in 2021

    IEA calls for changes in current inflation targeting structure

    Bank of Ghana maintains policy rate at 14.5%

    Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana

    Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP

    Expect another fuel price hike in February – IES

  • TECHNOLOGY

    Extensive consultations held; e-levy to be re-laid in Parliament – Ofori-Atta

    Medical Solutions APP ‘Pocket Pharmacy’ wins Ho Startup summit pitch contest

    Microsoft poaches IBM’s Angela Kyeramaten-Jimoh as new strategic partnership lead for Africa

    MTN apologizes for disruption in MOMO services

    Telco’s committed to March deadline for sim registration exercise – Dr. Ken Ashigbey

    Works of extension of a road

    MTN to sue road contractors for fibre cuts

    Stakeholders call for robust labour standards to improve working conditions of gig workers

    Ghanaian techies bemoan lack of confidence in local innovations

    GISPA conference highlights the need for data localization, protection and economization

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

    South African president calls for increased trade with Ghana

    More partnerships needed to drive intra-Africa trade – Wamkele Mene

    AfCFTA member states urged to develop right policy frameworks to promote SEZ development

    Heads of standards bodies in Accra for 65th ARSO Council Meeting

    Dr. Ernest Addison calls for integrated approach to improve intra-African payments

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    McDan suspends private jet operations; asks for guidance and further talks

    ‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

    Airport workers call for sanctioning of operators who flout regulations

    Hospitality industry players confident of a rebound in business this year

    Tema ECG invests over GH¢3M into system improvement efforts

    Mobile money association of Ghana petitions minority to reject E-levy

    Shippers’ Authority eyes boost in transit trade as it shelters truck drivers

    Three startups begin incubation at Ho Node Hub

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Shippers’ Authority eyes boost in transit trade as it shelters truck drivers

    Fuel prices to go up as Price Stabilisation and Recovery levy is restored

    Rate of increase in value of MoMo transactions dipped in 2021

    IEA calls for changes in current inflation targeting structure

    Bank of Ghana maintains policy rate at 14.5%

    Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana

    Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP

    Expect another fuel price hike in February – IES

  • TECHNOLOGY

    Extensive consultations held; e-levy to be re-laid in Parliament – Ofori-Atta

    Medical Solutions APP ‘Pocket Pharmacy’ wins Ho Startup summit pitch contest

    Microsoft poaches IBM’s Angela Kyeramaten-Jimoh as new strategic partnership lead for Africa

    MTN apologizes for disruption in MOMO services

    Telco’s committed to March deadline for sim registration exercise – Dr. Ken Ashigbey

    Works of extension of a road

    MTN to sue road contractors for fibre cuts

    Stakeholders call for robust labour standards to improve working conditions of gig workers

    Ghanaian techies bemoan lack of confidence in local innovations

    GISPA conference highlights the need for data localization, protection and economization

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

    South African president calls for increased trade with Ghana

    More partnerships needed to drive intra-Africa trade – Wamkele Mene

    AfCFTA member states urged to develop right policy frameworks to promote SEZ development

    Heads of standards bodies in Accra for 65th ARSO Council Meeting

    Dr. Ernest Addison calls for integrated approach to improve intra-African payments

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Deposit Protection Bill to be operational by April

bycitibusinessnews
February 6, 2018
in Banking And Finance, Government, Local Economy, Top Stories
Dr. Ernest Addison, Governor of the Bank of Ghana

Dr. Ernest Addison, Governor of the Bank of Ghana

Share on FacebookShare on TwitterShare on Whatsapp

The Bank of Ghana has assured that, it is taking pragmatic steps to make the Deposit Protection Act operational by April this year.

When operational, the Act will protect depositors’ from unforeseen circumstances that may result in the collapse of any financial institution.

The Act, which was passed by parliament in 2016, is expected to undergo some amendments before becoming operational.

ADVERTISEMENT

According to the bill, depositors whose monies get locked up in financial institutions during crisis may receive up to GHS6,250 in compensation.

This will be paid by the Deposit Protection Fund Corporation.

Speaking at the Graphic Business Forum, Governor of the Bank of Ghana, Dr. Ernest Addison stated that, the act will enhance confidence in the banking sector after the recent collapse of UT and Capital banks.

“You can have the most prudent application of banking rules, have the most effective oversight over the financial sector to anchor stability, but then you also need that deposit insurance to provide an additional safety net to boost confidence in the financial sector, the deposit insurance will protect the deposits of small depositors to reduce the risks in the financial sector”, he explained.

Dr. Addison maintained that the need for a deposit protection Act is long overdue since it will boost confidence in the banking sector.

He stated that the banking sector has seen tremendous growth which has also led to challenges that must be addressed by initiating such laws.

Dr. Addison was of the view that it will be counterproductive to rather debate the need for a deposit protection Act at this time when all the indications show it is greatly needed.

“I heard that there was a debate on whether there should be deposit insurance in Ghana. That for me was surprising because I thought that it was rather obvious, giving the developments that we have seen over the last ten years. The growth in the banking industry and the growth in the number of banks from nineteen to thirty four”.

–                                                                            

By: Anita Arthur/citibusinessnews.com/Ghana.

 

 

 

 

Related Posts

Top Stories

AfCFTA members conclude negotiations on rules of origin to enhance free trade

byNerteley Nettey

Member states of the African Continental Free Trade Area (AfCFTA) have concluded their negotiations on the rules of origin, a...

Read more

McDan suspends private jet operations; asks for guidance and further talks

‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

Airport workers call for sanctioning of operators who flout regulations

Hospitality industry players confident of a rebound in business this year

Tema ECG invests over GH¢3M into system improvement efforts

Mobile money association of Ghana petitions minority to reject E-levy

Next Post

Hedge Ghana’s oil—IFS to govt

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.