Parliament has passed the Ghana Deposit Protection Amendment Bill 2025, a move aimed at strengthening the capacity of the Ghana Deposit Protection Corporation to safeguard depositors against losses resulting from insured events.
The revised law expands the Corporation’s mandate, positioning it to play a more active role in promoting a safe, sound, and efficient market-based financial system. It also ensures that the country’s deposit protection framework aligns with international best practices.
A key feature of the amendment is the explicit inclusion of electronic money under the protection scheme, providing coverage in a way that is practical and responsive to the evolving digital financial landscape.
The Committee extensively deliberated on the policy objective of the Bill and is of the view that its passage would go a long way to improve Ghana’s financial stability, protect depositors and support the development of a safe, sound, efficient and stable market-based financial sector.
The Committee, accordingly recommended to the House to adopt its report, consider its proposed amendments in the Appendix and pass the Ghana Deposit Protection (Amendment) Bill, 2025.
The Ghana Deposit Protection (Amendment) Bill, 2025 was presented and read the first time in Parliament on Thursday, July 3, 2025 by the Minister responsible for Roads and Highways, Kwame Governs Agbodza on behalf of the Finance Minister pursuant to Article 106 (1) of the 1992 Constitution.
The Bill was subsequently referred to the Finance Committee for consideration and report to the House pursuant to Article 106 (4) of the 1992 Constitution and Standing Order 226 of Parliament.Remove ads
Leadership of the Committee on Economy and Development were directed to join the Finance Committee to consider the Bill.
The Committee as part of the consideration, met with the Deputy Minister for Finance, Thomas Nyarko Ampem, the Chief Director, Patrick Nomo, the Director for the Financial Sector Division, Louis Kwame Amo and other officials from the Ministry of Finance, the Ministry of Justice and Attorney- General’s Department and the Ghana Deposit Protection Corporation.
Background
The Ghana Deposit Protection Act, 2016 (Act 931) was enacted in 2016 to provide for the establishment of a Deposit Protection Scheme, a Deposit Protection Fund and a Deposit Protection Corporation and related matters.
The Act was amended in 2018 as the Ghana Deposit Protection (Amendment) Act, 2018 (Act 968) mainly to seek an extension date for the commencement of the Deposit Protection Scheme, to make provision for funding of the expenses of the Corporation, to clearly name the mandate of the Scheme as a “paybox”, to enhance the functions of the Corporation and to amend the composition of the governing body of the Deposit Protection Corporation.