By Lawrence Odoom/Phalonzy
A distinguished two-member delegation from the West African Monetary Agency has commenced a three-day strategic study tour at the Ghana Deposit Protection Corporation, in a move designed to deepen cross-border knowledge exchange and fortify deposit insurance architecture across the sub-region.
The high-stakes engagement, hosted in Accra, serves as a dynamic platform for disseminating practical insights, benchmarking best practices, and catalyzing robust collaboration among deposit insurers in West Africa.
Receiving the delegation, GDPC Chief Executive Officer Mr. Galahad Alex Andoh, Esq. articulated the Corporation’s foundational mandate with precision: “From the onset, the Corporation’s mandate has been to protect depositors and contribute to financial stability through the prompt reimbursement of depositors in the event of a bank or specialized deposit-taking institution failure.”
Lawyer Andoh underscored that fulfilling this critical mandate has demanded the institutionalization of rigorous governance architecture, sophisticated operational frameworks, cutting-edge systems, and sustained stakeholder engagement.
“We have established a fully functional core deposit insurance system, which supports premium assessment, data management and reporting. Importantly, this system incorporates a Single Customer View (SCV) module, which enhances our ability to validate depositor data and strengthens our preparedness for timely and accurate payouts,” he remarked.
Cataloguing the Corporation’s achievements over the past six years, Mr. Andoh highlighted the exponential growth of the Deposit Insurance Fund.
“In terms of successes, we are pleased to note that the Deposit Insurance Fund has grown substantially over the past six years, supported by an effective premium collection framework and strong compliance from member institutions,” he stated.
On payout readiness, the CEO revealed significant advancements: “We have also made significant progress in strengthening our payout readiness through simulations, as well as building strategic partnerships, including arrangements with payout agent banks.”
Candidly addressing operational hurdles, Mr. Andoh noted persistent challenges “include the need to ensure the quality, completeness and timeliness of depositor data, advancing towards a risk-based premium framework, and continuously investing in technology to keep pace with the evolving financial landscape.”
Expressing profound appreciation for GDPC’s hospitality and transparency, WAMA delegates Mr. William A. Sulonkemelee, Jr. and Mr. Mohammed Yayangida Umar commended the Corporation’s model. They affirmed that “the insights gained would be instrumental in informing the ongoing work and strategic direction of WAMA.”