75 bills passed during 6th Parliament

Parliament passed 75 bills into law and 66 instruments during the sixth Parliament of the fourth republic, the Minority leader, Alban Bagbin has announced.

According to him, for this year alone,the House passed 21 bills including Ghana Geological Survey Authority Bill,2015, Bank of Ghana(Amendment) Bill,2016, Ghana Deposit Protection Bill,2015 and Banks and Specialised Deposit Taking Institutions Bill,2015,Revenue Administration Bill among others.

Of all the bills passed, Mr Bagbin appealed to the Bank of Ghana(BoG) to ensure that it implements the provisions of Ghana Deposit Protection Bill,2015 and Banks and Specialised Deposit Taking Institutions Bill,2015 to the letter.

Addressing Parliament before the dissolution of the 6th Parliament, Mr Bagbin stated that the two bills were; “particularly instructive as they represent a timely response to the call by this House for the Bank of Ghana to take urgent measures to protect the interest of depositors particularly, funds of innocent investors with microfinance companies.

It is my hope that the Bank will implement the provisions of these Acts to the letter”

The Ghana Deposit Protection Bill, 2015 is expected to establish a Deposit Protection Scheme to protect a small depositor from loss incurred by the depositor as a result of the occurrence of an insured event and to support the development of a safe, sound, efficient and stable market-based financial system in Ghana.

Inherent in the Scheme is also the establishment of the Deposit Protection Fund which constitutes the assets of the Scheme and the Deposit Protection Corporation to manage the Scheme efficiently and effectively towards the attainment of the objects of the Scheme.

The Banks and Specialised Deposit Taking Bill is also expected to address the supervisory and regulatory gaps to enable the Bank of Ghana superintend financial service providers in the microfinance businesses, address bank resolution, ensure financial consumer protection and promotion of innovation and financial inclusion.

The sixth parliament of the Fourth Republic of Ghana has officially been dissolved, paving way for the seventh parliament, which was inaugurated on the midnight of Saturday, January 7, 2017.

The seventh parliament of the Fourth Republic will run for a four-year term. They are expected to resume on 10 January,2017.

Professor Mike Oquaye now leads the House as the new Speaker of Parliament, while Joseph Osei-Owusu, the Member of Parliament for Bekwai constituency, has been elected as the First Deputy Speaker, with the NDC’s Alban Kingsford Sumani Bagbin, elected the 2nd Deputy Speaker.

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