Parliament has approved the Ghana Deposit Protection (Amendment) Bill, 2025, aimed at safeguarding depositors’ funds and strengthening public confidence in the financial sector.
The legislation follows a period of financial sector clean-up, during which the government spent over GH¢21 billion between 2017 and 2020 to compensate depositors affected by the collapse of banks and other financial institutions.
These interventions were crucial to protecting savings and restoring 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 framework 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 strengthen the relevance of the Ghana Deposit Protection Scheme by expanding the Corporation’s mandate.
He explained that the amendment would ensure access to emergency funding and provide a financial backstop for the GDPC.
Government believes the strengthened framework will 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 represents another step in the government’s efforts to consolidate reforms in the financial sector and build resilience against systemic risks.
