News

A two-member delegation from the West African Monetary Agency (WAMA) has embarked on a three-day study tour at the Ghana Deposit Protection Corporation (GDPC). This high-level engagement is designed as a knowledge-sharing platform to exchange practical insights and foster deeper collaboration among deposit insurers across the sub-region.

In his welcoming address, the CEO of GDPC, Mr. Galahad Alex Andoh, Esq, stated that from the onset, the Corporation’s mandate has been to protect depositors and contribute to financial stability through the prompt reimbursement of depositors in the event of a bank or specialized deposit-taking institution failure.

Mr. Andoh emphasized that to execute this mandate effectively, the Corporation has put in place the necessary governance structures, operational frameworks, robust systems and the requisite stakeholder engagements.

“We have established a fully functional core deposit insurance system, which supports premium assessment, data management and reporting. Importantly, this system incorporates a Single Customer View (SCV) module, which enhances our ability to validate depositor data and strengthens our preparedness for timely and accurate payouts”, he remarked.

Mr. Andoh also highlighted some of the remarkable milestones achieved by the Corporation over the past six years.

“In terms of successes, we are pleased to note that the Deposit Insurance Fund has grown substantially over the past six years, supported by an effective premium collection framework and strong compliance from member institutions,” he stated.

Mr. Andoh further reflected on the strides the Corporation had made towards becoming operationally ready for a payout.

He revealed, “We have also made significant progress in strengthening our payout readiness through simulations, as well as building strategic partnerships, including arrangements with payout agent banks.”

Mr. Andoh candidly discussed some of the challenges the Corporation had to overcome in the course of their evolution. He stated that these challenges include the need to ensure the quality, completeness and timeliness of depositor data, advancing towards a risk-based premium framework, and continuously investing in technology to keep pace with the evolving financial landscape.

Expressing gratitude for the warm reception, members of the WAMA delegation, Mr. William A. Sulonkemelee, Jr. and Mr. Mohammed Yayangida Umar, thanked the management of GDPC for the opportunity to study their model. He noted that the insights gained would be instrumental in informing the ongoing work and strategic direction of WAMA.