Ghana’s Parliament has passed the Ghana Deposit Protection (Amendment) Bill, 2025, a move designed to strengthen safeguards for depositors and reinforce confidence in the country’s financial system.
The revised law enhances the mandate of the Ghana Deposit Protection Corporation, equipping it with greater capacity to protect customers’ funds in the event of bank or financial institution failures.
The amendment updates provisions under the Ghana Deposit Protection Act, 2016 (Act 931), aligning Ghana’s deposit insurance framework with evolving global standards and best practices.
One of the key changes is the inclusion of electronic money under the protection scheme. This means funds held in mobile money wallets and similar digital platforms can now be covered, provided implementation remains operationally practical. The move reflects the growing role of digital financial services in Ghana’s economy.
Lawmakers say the reform is part of broader efforts to maintain stability in the financial sector while improving public trust. The Finance Committee of Parliament noted that the bill had undergone extensive review and is expected to significantly strengthen depositor protection, reduce systemic risk, and support a more resilient, market-driven financial system.
The updated framework also reinforces the Corporation’s role in promoting a safe, efficient, and stable banking environment, especially in the wake of past financial sector clean-up exercises.
With this amendment, Ghana positions its deposit protection scheme closer to international benchmarks, while adapting to local realities such as the rapid expansion of mobile and digital finance.
Source: Africa Publicity
