Parliament has passed the Ghana Deposit Protection Amendment Bill, 2025, a legislative move designed to strengthen the safety net for bank customers and bring the country’s financial safeguards in line with global standards.
The Bill updates the existing Ghana Deposit Protection Act of 2016 (Act 931) and expands the powers and scope of the Ghana Deposit Protection Corporation (GDPC).
Its primary objective is to enhance the Corporation’s capacity to protect depositors from financial loss should a licensed financial institution fail.
A key feature of the amended law is the explicit extension of protection to cover electronic money, often referred to as e-money.
This means that funds held in mobile money wallets and other digital platforms will now be eligible for coverage under the deposit protection scheme, in a manner deemed operationally feasible by the Corporation.
Beyond individual protection, the legislation tasks the GDPC with a broader mandate to actively support the development of a “safe, sound, efficient, and stable market-based financial system.”
The Finance Committee of Parliament, after extensive deliberations, endorsed the Bill, affirming its potential to significantly bolster Ghana’s financial stability.
In its report, the Committee stated that the passage of the Bill would go a long way to improve Ghana’s financial stability, protect depositors, and support the development of a resilient financial sector.
By aligning the Ghana Deposit Protection Scheme with international best practices, the amendment aims to foster greater public confidence in the financial system, ensuring that depositors’ funds, whether held in traditional bank accounts or on digital platforms, are afforded a modern and robust layer of security.
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Source: www.myjoyonline.com