President Akufo-Addo has tasked the seven-member board of the newly established Ghana Deposit Protection Corporation (GDPC) to work within their mandate to protect deposits of Ghanaians.
The President was speaking after swearing in members of the board of the Deposit Protection Scheme at the Jubilee House.
The board which is chaired by Governor of the Bank of Ghana, Dr. Ernest Addison has others such as Pearl Esua-Mensah as its Chief Executive Officer, a representative from the finance ministry, Sampson Akligoh as well as four others who represent other stakeholders in the financial sector.
President Akufo-Addo urged the board members to work in the best interest of the Ghanaians to protect their funds.
“You are not there for yourselves, you have not been put there for your own benefit and progress. You are there to do the job on behalf of the public, and we will expect no less from you.”
The Ghana Deposit Protection scheme seeks to protect depositors from loss incurred as a result of the occurrence of any eventuality.
President Akufo-Addo stressed the constitution of the board forms part of reforms geared towards ensuring the well-being of Ghanaians by ensuring prompt payouts to insured depositors when their respective institutions face challenges.
The president further said the corporation has come at a very sensitive time in the banking and financial sector and charged the board to work effectively.
Chairman of the board, Dr. Addison, on behalf of his colleagues said they will be focused on the task ahead, and ensure the right thing is done.
“We wholeheartedly accept this appointment and we pledge to be relentless in driving the GDP to be a key pillar in securing financial stability in Ghana.”
“The Board of the Ghana Deposit Protection Corporation is up to the task of building an effective, credible and and strong deposit protection scheme for Ghana to achieve the corporation’s principle objective of supporting the development of a safe, sound, efficient and stable market-based financial system in Ghana.”
The establishment of the GDPC board comes on the back of a clean up exercise within the financial sector which saw some banks, savings and loans companies, as well as fund managers closed down for various breaches.