The Ghana Financial Inclusion Conference convened fintech industry leaders and regulators who acknowledged the nation’s advancements in financial inclusion.
Eva Mends, Chief Director at the Ministry of Finance, underscored that financial inclusion is a global priority aimed at ensuring equitable access for all.
She highlighted the significance of Ghana’s interbank payment systems and achievements such as mobile money interoperability in advancing financial inclusion efforts.
“Today we celebrate surpassing our national goal with a 96 percent rate of financial inclusion exceeding our targets of 85 percent. With rapid technological progress and a diverse range of financial services and products, we must continue to enhance financial inclusion to drive our country’s economic growth and development.”
Despite Ghana reaching 96% financial inclusion in access to financial services, the 2022 Composite Financial Inclusion Index, which assesses access, usage, and quality, indicates that approximately 52.76% of the population are multidimensionally financially included.
Deputy Finance Minister Dr. Alex Ampaabeng, standing in for Finance Minister Dr. Amin Adam, noted improvements in economic challenges and emphasized mobile money’s role in boosting financial inclusion.
“This call also concise with the period on the global and our national economy, we all believe is bouncing back strongly from the multiple shocks the country suffered in recent years. I believe these conditions are what underpinned the expectations that we can and should as a nation accelerate the scale and quality of financial inclusion in the era of the fourth republic.”
Professor George Yaw Gyan-Baffour emphasized the crucial role of a robust financial sector in fostering economic growth during his keynote address.
“It is without doubt that the financial sector is the accelerator of growth for every economy. A well-functioning financial sector is a catalyst for economic growth and economic development.”