Ghana’s Parliament has approved the Ghana Deposit Protection (Amendment) Bill, 2025, a measure aimed at strengthening safeguards for depositors and aligning the country’s financial protection framework with international standards.
The amendment updates the Ghana Deposit Protection Act, 2016 (Act 931), and broadens the mandate of the Ghana Deposit Protection Corporation (GDPC). At its core, the legislation seeks to enhance the Corporation’s ability to shield depositors from losses in the event of a failure of a licensed financial institution.
One of the most notable changes is the inclusion of electronic money (e-money) under the deposit protection scheme. This means that funds held in mobile money wallets and other digital platforms may now qualify for protection, subject to operational guidelines established by the GDPC.
In addition to expanding depositor coverage, the amended law assigns the GDPC a wider role in promoting a financial system that is safe, efficient, and resilient. This reflects a shift toward not only protecting consumers but also contributing to the overall stability of Ghana’s financial sector.
Following detailed consideration, Parliament’s Finance Committee endorsed the Bill, highlighting its potential to strengthen financial stability and enhance depositor confidence. According to the Committee, the amendment represents a significant step toward building a more robust and resilient financial system.
By bringing Ghana’s deposit protection framework in line with global best practices, the new law is expected to boost public trust, ensuring that both traditional bank deposits and digital funds are better secured.
