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Ghana Deposit Protection Corp To Boost Confidence In Banking, Financial Sector – VP Bawumia.

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Ghana’s Deposit Protection Corporation is now operational, with the system going live on September 30th, 2019.

This was disclosed by Vice President of the Republic, Dr Mahamudu Bawumia, when he formally launched the take-off of the 2019 International Association of Deposit Insurers (IADI) Africa Regional Committee Conference, being held in Accra.

Speaking on Monday, November 18, 2019 Vice President Bawumia said the inauguration of the board of the Ghana Deposit Protection Corporation was the culmination of years of work, and an important step in boosting the confidence of depositors, who would be assured of getting some of their investments back in the case of the failure of a deposit taking financial institution.

“Deposit insurance can enhance stability of the financial system by preventing bank runs, and support the stability and smooth operation of the economy. There is ample evidence from across the globe that the presence of strong safety nets is key to restoring and maintaining public confidence in the financial system. And there is ample evidence globally that deposit insurance systems can play an essential role in protecting banks’ customers and reducing vulnerabilities of the financial sector.

“The establishment of the Ghana Deposit Protection Corporation has been an important step to boosting the confidence of the Ghanaian depositor. And it is part of the efforts to locking-in the gains of financial sector reforms carried out over the last two years. Creating an enabling and stable financial environment is a prerequisite for sustained economic growth,” the Vice President noted.

Commenting on the theme of the workshop, “Deposit Protection – A Catalyst for Financial Stability,” Vice President Bawumia recalled the huge economic and social costs suffered by many economies across the globe due to the 2008 global financial crises. The banking industry was not spared because both depositors’ and investors’ funds were adversely affected. And taxpayers took the brunt of the fiscal costs of the meltdown.

These events heightened the global interest in protecting the deposits of bank customers, either through the establishment of deposits insurance schemes or enhancing already existing schemes

“Ghana has had its own recent financial distresses. Our government came into office in January 2017 and inherited, much to our dismay, a financial system that was under considerable distress.”

The Bank of Ghana has since taken a number of bold steps to undertake a number of reforms, reducing the 34 banks with mixed fortunes to 23 healthy banks re-capitalised and more resilient to shocks.

Vice President Bawumia urged officials of the Ghana Deposit Protection Corporation to be innovative and ensure that the Scheme is operated in a manner that is consistent with protecting depositors’ funds.

“The Corporation is assured of the government’s continued support in ensuring that it grows to become an important safety net in the Ghanaian financial sector. I am positive that its membership of IADI will also help to steer the Corporation in the right direction of international best practice.

“Operating in a largely reformed financial sector, the Corporation needs to ensure the necessary public education about the Scheme, its operations and benefits to every depositor. Such an education is an invaluable public good and we must get on with it soon as possible.”

“The general public”, Vice President Bawumia continued, “must gain the confidence that even in the event of a failure of a financial institution the funds of depositors are secure. This new deposit insurance scheme, in addition to the sound prudential regulation by the Bank of Ghana, should ensure that the Ghanaian financial sector is set on a good path to financial stability.”

 

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152 Kgs Of Cocaine Disguised As Sugar, Busted At Tema Port

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The Narcotics Control Commission (NACOC), acting in concert with the National Security Council has impounded 152 kgs of cocaine disguised as sugar at the Tema Port.

According to the Narcotics Control body, they received a tip-off that a consignment of 50 containers that was departing Brazil to Ghana was likely to contain the contraband substance.

Acting on the information received, NACOC together with security personnel, mounted surveillance on the shipment until the contraband substances were intercepted.

In all, 150 slabs of substances suspected to be narcotics were retrieved from the consignment under the joint operation.

A number of persons are said to have been arrested and are assisting security personnel with investigations.

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Government to establish model SHSs in Zongo communities – Bawumia

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The government is to establish Model Senior High Schools (SHSs) in all Zongo communities across the country, the Vice President Alhaji Dr. Mahamudu Bawumia announced on Friday.

He emphasized quality education was key to a successful life, hence it was imperative to make SHS education easily accessible to Muslims in the country.

Dr. Bawumia said very soon Zongo communities would realise the fruits of the Zongo Development Fund and witness remarkable improvement in their socio-economic lives.

The Vice President gave the announcement when he addressed the chiefs and people of Wamfie in the Dormaa East and Nkrankwanta in the Dormaa West Districts at separate durbars, as part of his two-day working visit to the Bono Region.

Alhaji Dr. Bawumia noted though the previous National Democratic Congress (NDC) government nearly collapsed it, the national economy had been resuscitated due to the implementation of sound and pragmatic economic policies by the President Akufo-Addo’s government.

He said the government had successfully repaid cash deposits of 85,000 out of the 88,000 customers of the defunct ‘DKM’ microfinance company whose monies were locked up.

Alhaji Dr. Bawumia promised all customers whose monies were locked up would receive their cash deposits, and advised them to exercise patience and cooperate with the official liquidator.

Barimah Dei Kusi Gyabaah, the chief of Amasu in the Dormaa Central Municipality and Ankobeahene of Dormaa Traditional Area, appealed for the reshaping of the Nkrankwanta town roads.

He appealed to the government to stock the Nkrankwanta Polyclinic with medical devices and also provide a tertiary institution to enhance the growth and development of education in the area.

Source: GNA

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‘I’m not like those who cut sods without funding’ -Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo says he secured funding for every project undertaken under his administration since assuming office.

President Akufo-Addo made this known at Enchi during day 2 of his 3-day tour of the Western North Region, where he cut the sod for the construction of the 71.25-kilometre Enchi to Elubo road, which will cost $116.2 million.

“When I came here a year ago, I assured the Chiefs and people that I will work hard to ensure that the Enchi to Elubo road commences. There were a number of processes, like the contractor and funding sources, that had to be completed before today’s ceremony could take place. All those processes have been successfully completed”

“I am not like some people who rush to cut sods without securing the requisite funding for the projects. I will never do that. When I cut the sod, it means all the processes have been completed and the money for the project is available. I am not out to deceive anyone,” he said.

Touching on the creation of the Western North Region, the President told the gathering that the equitable distribution of development and resources was one of the reasons that necessitated the creation of the region.

He further indicated that the Government had taken the decision to situate offices of the Departments and Agencies in all parts of the region.

He said construction is ongoing for the Regional Education Directorate which will be in Bibiani, as well as the Regional Agriculture Directorate in Juaboso, the Regional Feeder Roads in Aowin, and the Regional Highways Department in Sefwi Wiawso, the capital of the Region.

President Akufo-Addo, therefore, appealed to the people of Aowin to vote massively for him and the NPP’s parliamentary candidate in order to “do more.”

Source: presidency.gov.gh

 

 

 

 

 

 

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