Ghana Deposit Protection Act, 2016 (ACT 931)
Section 6: Cessation of membership(1) The Bank of Ghana shall, on the occurrence of an insured event(a) revoke the licence of the affected bank or specialised deposit-taking institution and(i) in writing inform the bank or the specialised deposit-taking institution and the public immediately, of the revocation; and(ii) require the bank or specialised deposit-taking institution to surrender its licence. [As substituted by the Ghana Deposit Protection (Amendment) Act, 2018 (Act 968), s. 3 (a)](b) after the revocation of the licence, immediately inform the Corporation, in writing, of the revocation and surrender of the licence; and (c) appoint for the bank or specialised deposit-taking institution, a receiver or liquidator and the Corporation shall promptly commence the reimbursement of compensation to the insured depositors.(2) Where a bank or specialised deposit-taking institution is involuntarily liquidated in accordance with subsection (1)(a) the participation of that bank or specialised deposit-taking institution in the Scheme ends on the date compensation payments to depositors of that bank or specialised deposit-taking institution is finalised between the Corporation and the bank or specialised deposit-taking institution; and(b) the obligation of that bank or specialised deposit-taking institution to pay an insurance premium to the Scheme ends on the date the insured event occurs.(3) Where a bank or specialised deposit-taking institution is liquidated voluntarily in accordance with relevant laws on banks and specialised deposit-taking institutions(a)the participation of that bank or specialised deposit-taking institution in the Scheme; and(b) the obligation of that bank or specialised deposit-taking institution to pay an insurance premium under the Scheme,ends on the date the last payment of an insured deposit is made by the institution in voluntary liquidation to an insured depositor. [As substituted by the Ghana Deposit Protection Act, 2018 (Act 968), s. 3 (b)](4) Membership of the Scheme, of a bank or a specialised deposit-taking institution, ceases if(a) deposit liabilities in Ghana that belong to the bank or specialised deposit-taking institution are transferred by that bank or specialised deposit-taking institution to another bank or specialised deposit-taking institution;(b) [As deleted by the Ghana Deposit Protection (Amendment) Act, 2018 (Act 968), s. 3 (c)](c) the bank or specialised deposit-taking institution is acquired by another bank or specialised deposit-taking institution;(d) as a result of an amalgamation, the banks or specialised deposit-taking institutions involved adopt a name and identity different from the name and identity which that bank or specialised deposit-taking institution had registered with the Scheme before the amalgamation; or(e) [As deleted by the Ghana Deposit Protection (Amendment) Act, 2018 (Act 968), s. 3 (c)](5) The Corporation shall, as soon as is reasonably practicable after a bank or specialised deposit-taking institution has ceased to be a member of the Scheme, cause the name of that bank or specialised deposit-taking institution to be published in the Gazette and in two daily newspapers of national circulation.
Subject : Deposit protection schemeProcedure to Follow
Not Avaiable
Responsible Institution
- Email: info@gdpc.gov.gh
- Website: www.gdpc.gov.gh
- GPS: GA-077-9067
- Telephone: 0302 739 656
Relevant Forms to Download
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Online System
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Fees/ charges
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