Another recent industry development is BOG’s quest to introduce a Deposit Insurance Scheme in Ghana. Pursuant to this objective, a feasibility study has been done by Global Business Solutions of Germany, financed by KFW of Germany. The study has since been approved by the Bank of Ghana, KFW and the Government of Ghana (GOG) through the Ministry of Finance.
Currently the Bank of Ghana and the Ministry of Finance have reviewed and approved the Terms of Reference for the Legal consultants to draft a Deposit Insurance law for industry. It is our expectation that the Deposit Insurance Agency would become operational by end December 2014 and that could afford some protection to all depositors. 20.