GHANA DEPOSIT PROTECTION ACT, 2016

THE NINE HUNDRED AND THIRTY-FIRST ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED GHANA DEPOSIT PROTECTION ACT, 2016 AN ACT to provide for the establishment of a Deposit Protection Scheme, a Deposit Protection Fund, a Deposit Protection Corporation and for related matters. DATE OF ASSET: 14th September, 2016 PASSED by Parliament and assented to by the President

Legislation

Table of Content

Preliminary Matters

1. Application.

Establishment and Membership of the Deposit Protection Scheme

2. Establishment of the Scheme.

3. Object of the Scheme.

4. Membership of the Scheme.

5. Membership certificate.

6. Cessation of membership.

7. Effect of cessation of membership.

Establishment of the Deposit Protection Fund and Reserve Fund

8. Establishment of a Deposit Protection Fund.

9. Object of the Protection Fund.

10. Sources of money for the Protection Fund

11. Management of the Protection Fund

12. Reserve Fund.

Insurable Deposits, Premium and Payment of Compensation

13. Insurable deposits

14. Initial premium

15. Annual premium

16. Differential premium

17. Announcement of payment of compensation

18. Claim for payment of compensation

19. Payment of compensation to depositors

20. Coverage limits21. Periodic reporting

Establishment, Object and Functions of the Ghana Deposit Protection Corporation

22. Establishment of the Corporation

23. Object of the Corporation

24. Functions of the Corporation

25. Governing body of the Corporation

26. Functions of the Board of the Corporation

27. Tenure of members of the Board

28. Meetings of the Board

29. Disclosure of interest

30. Establishment of committees

31. Advisors and consultants

32. Allowances

Administration and Staff of the Corporation

33. Appointment of Chief Executive Officer

34. Functions of the Chief Executive Officer

35. Appointment of other staff

36. Secretary to the Board

37. Business premises of the Corporation

38. Information access, use and exchange

39. Confidentiality

Financial Provisions

40. Sources of funds for the Corporation

41. Investments

42. Management of assets

43. Financial reporting and external auditing

44. Annual report and other reports

45. Financial planning and budgeting

46. Emergency or extraordinary fundingMiscellaneous Provisions

47. Administrative sanctions

48. Exemption from corporate income tax

49. Protection from liability and indemnification

50. Public information

51. Penalty for non-payment of premium

52. Regulations

53. Interpretation

54. Transitional provisions

Preliminary Matters

1. Application.

Establishment and Membership of the Deposit Protection Scheme

2. Establishment of the Scheme.

3. Object of the Scheme.

4. Membership of the Scheme.

5. Membership certificate.

6. Cessation of membership.

7. Effect of cessation of membership.

Establishment of the Deposit Protection Fund and Reserve Fund

8. Establishment of a Deposit Protection Fund.

9. Object of the Protection Fund.

10. Sources of money for the Protection Fund

11. Management of the Protection Fund

12. Reserve Fund.

Insurable Deposits, Premium and Payment of Compensation

13. Insurable deposits

14. Initial premium

15. Annual premium

16. Differential premium

17. Announcement of payment of compensation

18. Claim for payment of compensation

19. Payment of compensation to depositors

20. Coverage limits21. Periodic reporting

Establishment, Object and Functions of the Ghana Deposit Protection Corporation

22. Establishment of the Corporation

23. Object of the Corporation

24. Functions of the Corporation

25. Governing body of the Corporation

26. Functions of the Board of the Corporation

27. Tenure of members of the Board

28. Meetings of the Board

29. Disclosure of interest

30. Establishment of committees

31. Advisors and consultants

32. Allowances

Administration and Staff of the Corporation

33. Appointment of Chief Executive Officer

34. Functions of the Chief Executive Officer

35. Appointment of other staff

36. Secretary to the Board

37. Business premises of the Corporation

38. Information access, use and exchange

39. Confidentiality

Financial Provisions

40. Sources of funds for the Corporation

41. Investments

42. Management of assets

43. Financial reporting and external auditing

44. Annual report and other reports

45. Financial planning and budgeting

46. Emergency or extraordinary fundingMiscellaneous Provisions

47. Administrative sanctions

48. Exemption from corporate income tax

49. Protection from liability and indemnification

50. Public information

51. Penalty for non-payment of premium

52. Regulations

53. Interpretation

54. Transitional provisions

Section 1

1. Application

(1) This Act applies to banks and specialised deposit-taking Institutions licensed by the Bank of Ghana. (2) Where a provision in this Act is inconsistent with the provisions of another enactment that deals with the insurance of deposits or matters relating to the insurance of deposits, the provision of this Act shall prevail.

Section 2

2. Establishment of the Scheme

(1) There is established by this Act, a Deposit Protection Scheme referred to in this Act as the "Scheme". (2) The mandate of the Scheme is to be a pay-box. [As substituted by the Ghana Deposit Protection (Amendment) Act, 2018 (Act 968), s. 1]

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GHANA DEPOSIT PROTECTION ACT, 2016

1. Application

2. Establishment of the Scheme

GHANA DEPOSIT PROTECTION ACT, 2016

1. Application

2. Establishment of the Scheme