Deposit Coverage

Deposit Coverage

The maximum compensation payable to a depositor of a bank shall be GHC6,250.00; and the maximum compensation payable to a depositor of a Specialized Deposit-Taking Institution, shall be GHC1,250.00.
Where the depositor has more than the insured amount, the excess will be reimbursed by the Reciever of the failed bank .

For example, if a person had a bank deposit account in his name alone with a principal balance of GHc5,000, the full GHc5,000 would be paid to him, if his bank failed, since it does  not exceed the GHc6,250 insurance limit for single ownership accounts.

If however, a person had for example, a bank deposit account in his name alone with a principal balance of GHc8,000, if his bank failed, he would be paid GHc6,250, and the Reciever will reimburse the remainder of GHc 1,750.

Insurable Deposits

All deposits with a bank or specialized deposit taking institution are protected, except the following:

  • A deposit for which a depositor has not been identified;
  • A deposit that is frozen in compliance with an order of a court;
  • A deposit that belongs to:
    • a director or key management personnel;
    • a director or key management personnel who has worked with the bank or Specialized Deposit-Taking Institution for at least three years preceding the occurrence of the insured event.
    • an accounting or audit firm, a partner or manager of that accounting or audit firm who is in charge of performing the external audit of the financial statements of the bank or specialized deposit taking institution for at least three years before liquidation of the bank or specialized deposit taking institution;
  • A deposit that is used as collateral for a loan or other obligation with the bank or Specialized Deposit-Taking Institution.
  • A deposit held by a financial institution, pension fund, retirement fund, insurance company, collective investment undertaking, local government, central government and administrative authority;
  • Deposits held in a foreign branch of a bank or specialized deposit taking institution incorporated in Ghana, and a subsidiary of that bank or specialized deposit taking institution operating in a foreign country.