Pulse.com.gh logo
Go


Ghana Microfinance Law: Deposit Insurance Bill reaches Parliament

The public's attention was drawn to the possibility of the Executive sending the Deposit Insurance Bill to parliament when the President mentioned it in his 2016 State Of The Nation's Address.

  • Published: , Refreshed:
Ghanaian Banking Hall play

Ghanaian Banking Hall

A proposed Deposit Insurance Bill has finally been placed before Parliament for consideration.

The public's attention was drawn to the possibility of the Executive sending the Deposit Insurance Bill to parliament when the President mentioned it in his 2016 State Of The Nation's Address.

                                      Read More

This was in relation to the microfinance scandal that rocked the financial sector in the past several months, where microfiance companies, DKM, Jasta Motors and God is Love Fun Club squandered monies belonging to depositors to the tune of hundreds of millions of Cedis.

An Assistant Director at the Bank of Ghana (BoG), Mr Nesbit Banor, said once the bill came into force, it would give depositors a fall back position in the event of institutional failures.

“The bill does not ensure full recovery of deposits but seeks to provide safety net for depositors. It will ensure banks and special deposit taking institutions adhere to stricter prudential laws,” he said at the opening of a new HFC Bank branch at Adjiringanor, a suburb of Accra.

Mr Banor said such legislation would boost the supervisory role of the BoG and operations of bank holding and financial holding, among others, and engender safe and sound banking practices in the industry.  

 

 

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 2018 Budget Review Prepare to pay 35% tax if you earn 10k and abovebullet
2 Taxes In Ghana Don't rejoice; VAT has been hiked through ‘backdoor’ –...bullet
3 2018 Budget Review Gov’t imposes tax on luxury vehiclesbullet
4 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
5 Kwabena Duffuor Official: Duffuor’s assets not being auctionedbullet
6 Economy Of Ghana Finance Minister presents mid-year budget...bullet
7 Investment banks in Ghana Top 5 investment banks in Ghana...bullet
8 Uche Ofodile Captain Planet’s wife heads MTN Liberiabullet
9 Full Text 2018 mid-year budget review presented by Ken...bullet
10 Education Top 5 private high schools in Ghana...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
3 Forbes 2018 Africa's billionaires rich listbullet
4 Money Alert Meet Africa's richest womanbullet
5 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
6 Support Finance minister buys Kantanka carbullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 Bozoma Saint John 10 quotes from Uber top official,...bullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet

Business