Parliament has passed the Ghana Deposit Protection (Amendment) Bill, 2025, aimed at safeguarding depositors’ funds and strengthening confidence in the financial sector.
The legislation follows the financial sector clean-up, during which government spent over GH¢21 billion between 2017 and 2020 to pay depositors affected by the collapse of banks and other financial institutions.
The intervention has been necessary to protect savings and restore stability in the financial system.
The amendment revises the Ghana Deposit Protection Act, 2016 (Act 931), and empowers the Ghana Deposit Protection Corporation (GDPC) to insure depositors’ funds.
This measure is expected to enhance financial inclusion, promote stability, and protect the savings of ordinary Ghanaians.
Mr Thomas Nyarko Ampem, Deputy Minister of Finance, said the legislation would augment the relevance of the Ghana Deposit Protection Scheme by enhancing the mandate of the Corporation.
He explained that the amendment would ensure emergency funding and provide a financial backstop for the GDPC.
Government believe that the strengthened framework would guarantee that depositors are not left vulnerable in the event of future bank failures, while reinforcing accountability and trust in the financial system.
The passage of the bill marks another step in government’s efforts to consolidate reforms in the financial sector and build resilience against systemic risks.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Source: www.myjoyonline.com