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Bank of Ghana (BoG) Governor, Dr Johnson Asiama, has highlighted Ghana’s progress in digital financial inclusion while emphasising the need to translate increased access to financial services into better financial well-being for households and businesses.
He made the remarks at a Financial Health Leadership Roundtable in Accra during the visit of Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health.
Dr Asiama discussed developments in Ghana’s financial sector, the role of digital innovation, responsible lending and the contribution of micro, small and medium-sized enterprises (MSMEs) to the economy.
Below are six key messages from his engagement with Queen Máxima.
1.Ghana is one of Africa’s leading digital finance markets
Dr Asiama said Ghana has established itself as one of Africa’s leading digital finance markets, driven by the growth of mobile money, interoperable payment systems and fintech innovation.
He attributed this progress to sustained investment in digital infrastructure, which has made financial services more accessible to millions of Ghanaians.
2. Financial inclusion has improved significantly over the past decade
The BoG Governor described the transformation of Ghana’s financial sector over the past decade as substantial.
He said innovation, collaboration and investment in digital infrastructure had expanded access to financial services and strengthened confidence in the financial system.
3. Improving financial health must now be the priority
Dr Asiama stressed that increasing access to financial services should no longer be the only measure of progress.
He said greater attention must be given to ensuring that households and businesses can use financial services to improve their overall financial well-being.
According to him, financial health goes beyond access to banking and payment platforms. It also involves the ability to save, obtain insurance, build pension savings, access investment opportunities and make informed financial decisions.
4. Responsible credit is essential to financial well-being
The Governor identified productive and responsibly delivered credit as an important tool for improving financial health.
He explained that appropriately structured loans could help households invest in their futures while providing businesses with the capital needed to expand, innovate and create jobs.
He therefore emphasised the importance of responsible lending in making financial inclusion more beneficial to individuals and businesses.
5. MSMEs remain central to Ghana’s economic development
Dr Asiama described micro, small and medium-sized enterprises as the backbone of Ghana’s economy.
He acknowledged their contribution to job creation, innovation and livelihoods across the country.
He also highlighted the need for financial products that address the specific needs of smaller businesses, particularly access to appropriate and affordable financing.
6. Innovation and trusted regulation are key to sustaining progress
The Governor identified fintech innovation and a supportive regulatory environment as important drivers of Ghana’s digital finance development.
He said the country’s regulatory framework had helped promote growth and build trust in the financial system, creating an environment that supports the expansion of digital financial services.