Ghana’s Deposit Protection Act: Are Depositors Protected?

Isaac Osei-Owusu, Theophilus Tawiah


A Deposit Protection or Insurance as the name suggests is intended to provide a sustainable funding to reimburse depositors should an insured act(s) be triggered. Over time, it helps build confidence in the financial ecosystem thereby facilitating a strong and robust financial system. Ghana enacted a Deposit Protection Act in 2016 (the “Act”) and added some new sections in 2018 aimed at protecting small depositors, and create faith and stability in the financial system. However, the Act in its present form can neither protect small depositors nor build any faith and stability in the financial system in Ghana. It is not suggested that a deposit insurance alone can create a stable financial system but the part envisaged by the Deposit Protection Act in creating a stable financial system is seriously undermined by sections in the Act itself.

Keywords: Deposit Protection Act, Ghana

DOI: 10.7176/JLPG/105-06

Publication date: January 31st 2021

Full Text: PDF
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