Parliament has approved the Ghana Deposit Protection (Amendment) Bill, 2025, which seeks to amend the existing Ghana Deposit Protection Act, 2016 (Act 931).
Moving the motion for the second reading, Deputy Minister of Finance, Hon. Thomas Nyarko Ampem, explained that the amendment was necessary to strengthen Ghana’s financial safety net. He noted that the changes will enhance the mandate and functions of the Ghana Deposit Protection Corporation, ensuring that the Deposit Protection Scheme remains relevant and effective.
The objective of the Bill is to empower the Corporation to better protect depositors from losses arising from the occurrence of insured events. It also aims to align Ghana’s deposit protection framework with international best practices, thereby boosting confidence in the financial sector.
With the passage of the amendment, the Ghana Deposit Protection Corporation is expected to play a more robust role in safeguarding depositors’ funds and reinforcing stability within the banking system.
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