News

Accra, Ghana. 09 July, 2025

The Deputy Minister of Finance, Hon Thomas Nyarko Ampem, swore in a new Board of Directors for the Ghana Deposit Protection Corporation (GDPC) on Monday, July 7 2025.

As the governing body of the Corporation, the Board is tasked with the responsibility of prescribing procedures for the management and operations of the Corporation, while also ensuring the proper and effective performance of the functions of the Corporation.

The seven-member Board is chaired by the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama. Other members of the Board include the Chief Executive Officer of GDPC, Mr. Galahad Alex Andoh and institutional representatives from the:

• Ministry of Finance (Mr. Prosper Ayinbilla Awuni);
• Chartered Institute of Bankers, Ghana (Mr. Benjamin Kwabla Amenumey);
• Association of Ghana Industries (Mr. Seth Twum Akwaboah),
• Institute of Chartered Accountants, Ghana (Mr. Paul Kwasi Agyemang).
• Ghana Bar Association (Yet to be appointed),

In his brief remarks at the inauguration ceremony, Hon. Thomas Nyarko Ampem, highlighted the critical role of GDPC in safeguarding the deposits of ordinary Ghanaians and strengthening public confidence in the financial system. He reiterated the Ministry’s support for deepening collaboration among key stakeholders within Ghana’s finance industry.

Speaking at the ceremony, Dr. Johnson Asiama emphasized the importance of reforms that position GDPC as a proactive player in managing financial sector risks. He called for the urgent passage of proposed amendments to the Ghana Deposit Protection Act to expand the Corporation’s mandate beyond deposit pay-outs, thus enabling early intervention and resolution support.

“To remain effective in today’s rapidly evolving financial ecosystem, GDPC must transition from being a passive pay-box to a dynamic partner in financial system stability,” Dr. Asiama stated.

He also advocated broader coverage, including specialized deposit-taking institutions and fintech-based financial service providers to ensure no segment of the financial landscape is left unprotected. Additionally, he urged the Board to prioritize the sustainability of the Deposit Protection Fund through enhanced risk-based premium assessments, diversified investments (e.g., gold and forex), and secured credit lines to mitigate systemic shocks.

“We must be visionary, agile, and courageous. The financial sector requires institutions that can adapt quickly and act decisively. GDPC must be one of them,” he added.

In his closing remarks, Hon. Ampem welcomed the Board and expressed confidence in their ability to deliver on the Corporation’s strategic mandate. He stressed the need for greater synergy between GDPC, regulators, and international institutions to align Ghana’s deposit insurance framework with global standards.

About the Ghana Deposit Protection Corporation (GDPC)

The Ghana Deposit Protection Corporation (GDPC) was established by the Ghana Deposit Protection Act, 2016, (Act 931, as amended) to protect small depositors against the loss of their deposits in the event of a bank failure. The Corporation became operational on 30th September 2019. The reconstitution of the Board signals a bold step forward in boosting depositor confidence and strengthening Ghana’s financial system stability.