The Board of the Ghana Deposit Protection Corporation (GDPC) has commenced a review of compensation limits paid to depositors affected by the collapse of banks and specialised deposit-taking institutions (SDIs).
The review is in line with the Ghana Deposit Protection (Amendment) Act, 2025, which requires the Board to reassess insured deposit coverage limits every two years to ensure they remain relevant to current economic conditions and depositor protection goals.
Speaking at a media workshop in Accra, the Chief Executive Officer of the GDPC, Mr. Galahad Alex Andoh, stressed the importance of increasing public awareness about the deposit insurance scheme, including its benefits and limitations.
Under the current arrangement, the maximum compensation payable to a depositor of a failed bank is GH¢6,250, while depositors of failed SDIs are entitled to a maximum of GH¢1,250. Any amount above the insured limit will be paid by the Receiver of the failed institution.
The Public Relations Manager of the GDPC, Mr. Ebenezer Holyson Kpentey, explained that compensation is calculated by combining all deposit accounts held by a depositor and deducting any outstanding liabilities owed to the institution.
He noted that insured depositors are expected to receive payment within 30 days after the collapse of a bank or SDI, with the reimbursement process beginning six days after the institution’s failure.
The Ghana Deposit Protection Act established the GDPC to oversee the country’s deposit protection scheme and manage the Deposit Protection Fund, which is used to compensate depositors when banks or SDIs fail.
Source: GNA
