The Bank of Ghana (BoG) in collaboration with the German government is to set up a deposit protection system to help ensure protection for depositors.

This system is also to enhance the safety of the financial sector in Ghana.

Deputy Governor of the Central Bank, Dr Johnson Asiamah announced this at the 15^th edition of the Ghana Banking Awards held at the Kempinski hotel in Accra on Saturday.

According to him, BOG stands committed to ensuring that a stable environment for banking with a level playing field is provided at all times through its regulatory and supervisory functions for banks to thrive and also to assure confidence in the banking system.

He says this will lead to an increase in deposit mobilization for investment and growth.

However, he hinted that the implementation of the system may pose challenges to undercapitalised institutions as well as institutions that bridged regulatory requirement.

He, therefore, advised all licensed banks to ensure strict compliance with capital and regulatory requirements at all times.

Out of the 28 banks, Fidelity Bank emerged winner of the coveted Bank of the year award.

The ceremony recognized several other banks which distinguished themselves in other categories of the competition.