In a move to reinforce financial sector stability, Parliament has passed the Ghana Deposit Protection (Amendment) Bill, 2025, enhancing the Ghana Deposit Protection Corporation’s ability to shield depositors from losses linked to insured events. The revised law widens the Corporation’s responsibilities, positioning it to contribute more actively to a secure, efficient, and market-driven financial system, while bringing Ghana in line with international standards.
The amendment’s clear inclusion of electronic money under the protection scheme, which offers coverage in a realistic and adaptable manner to the changing digital financial scene, is one of its important features.
After careful consideration of the Bill’s policy goal, the Committee believes that its approval will significantly enhance Ghana’s financial stability, safeguard depositors, and foster the growth of a secure, sound, effective, and stable market-based financial industry.
As a result, the Committee suggested that the House adopt its report, take into account the revisions it had suggested in the Appendix, and approve the Ghana Deposit Protection (Amendment) Bill, 2025.
In accordance with Article 106 (1) of the 1992 Constitution, the Ghana Deposit Protection (Amendment) Bill, 2025 was first introduced and read in Parliament on Thursday, July 3, 2025, by Kwame Governs Agbodza, Minister of Roads and Highways, acting on behalf of the finance minister.
In accordance with Article 106(4) of the 1992 Constitution and Standing Order 226, the Bill was referred to the Finance Committee for consideration and subsequent reporting to the House.
The leadership of the Committee on Economy and Development was mandated to join the Finance Committee in its review.
The Committee met with Thomas Nyarko Ampem, the Deputy Minister for Finance, Patrick Nomo, the Chief Director, Louis Kwame Amo, the Director of the Financial Sector Division, and other representatives from the Ghana Deposit Protection Corporation, the Ministry of Justice and Attorney General’s Department, and the Ministry of Finance.
Passed in 2016, the Ghana Deposit Protection Act (Act 931) set up the Deposit Protection Scheme, Fund, and Corporation to safeguard depositors.
In 2018, it was revised through Act 968 to delay the Scheme’s rollout, secure funding for the Corporation, define its role as a “paybox,” improve its functions, and update the structure of its governing board.
