The Deputy Finance Minister, Mr Ampem, has called for a shift in Ghana's financial inclusion agenda, arguing that access to bank accounts and mobile money services does not necessarily translate into improved financial well-being.
He said the country needed to move beyond increasing the number of people with bank accounts and mobile money wallets to ensuring that individuals and households could effectively use financial services to improve their financial circumstances.
He made the remarks in Accra while inaugurating a working committee tasked with developing Ghana's second National Financial Inclusion and Development Strategy.
Mr Ampem said the new strategy should promote digital innovation and responsible financial services while strengthening consumer protection and financial literacy.
He stressed the importance of measuring financial inclusion by examining whether individuals could save, manage their finances and access financial products that improve their economic security.
The Deputy Minister also announced plans to establish a Financial Inclusion Council to strengthen coordination and accountability among institutions responsible for advancing the country's financial inclusion agenda.
He further highlighted the need for improved data collection to help policymakers identify financial inclusion gaps across gender, age groups and rural and urban communities.
The strategy is also expected to encourage stronger collaboration among financial regulators, government institutions and private sector players to promote digital payments, improve data sharing and develop affordable insurance and pension products, particularly for workers in the informal sector.
The initiative forms part of efforts to ensure that access to financial services translates into meaningful improvements in the financial well-being of Ghanaians.
