This notion of the efficacy of public powers is reflected in the principle of subsidiarity embedded in the EU Treaties – or what is known as the federalist principle in the United States – the logic of which was elegantly captured by John Locke in the 1680s:  BIS central bankers’ speeches  1  “For all power given with trust for attaining an end, (…) whenever that end is manifestly neglected (…) that power must devolve in the hands of those that gave it, who may place it anew where they shall think best for their safety and security”.
Madam President, the Bank of Ghana has provided the  needed resources for the take-off of the Ghana Deposit Protection Corporation (GDPC). Under the Ghana Deposit Protection Act, 2016 (Act 931), as amended, the Ghana Deposit Protection Scheme will be operational in or before September 2019. Banks and SDIs will be onboarded and will start contributions to the scheme by September 2019.