Parliament has officially approved the Ghana Deposit Protection (Amendment) Bill, 2025, signalling a significant overhaul of the existing legal framework governing depositor security.
Moving the motion for the second reading, the Deputy Minister for Finance, Thomas Nyarko Ampem, emphasized that the amendment is a strategic intervention designed to fortify Ghana’s financial stability.
He noted that the revised law would significantly enhance the mandate of the Ghana Deposit Protection Corporation (GDPC), empowering the institution to safeguard depositors more effectively should a financial institution fail.
According to the Deputy Minister, these legislative changes are not merely local adjustments but are intended to align Ghana’s deposit protection mechanisms with rigorous international best practices, ensuring greater public confidence in the banking sector.
Minority Raises Red Flags Over Value for Money Office
In contrast to the consensus on deposit protection, the Minority in Parliament has formally rejected the proposed Value for Money Office Bill, citing grave concerns over its structural integrity.
Leading the opposition on the floor, Minority Leader Alexander Afenyo-Markin cautioned that the bill, in its current iteration, risks becoming a “vessel for corruption” rather than a tool for accountability.
While acknowledging that ensuring value for public expenditure is a critical objective, Afenyo-Markin argued that the proposed office lacks the robust safeguards necessary to prevent executive overreach or administrative abuse.
”Without clear and independent oversight mechanisms, this office risks being misused,” Afenyo-Markin stressed, adding that the current proposal could inadvertently undermine transparency in public financial management.
The Minority has however called for a total review of the bill’s oversight provisions before it can proceed further.
Story by: Eugenia Ewoenam Osei
