The Ghana Financial Inclusion Conference brought together fintech industry leaders and regulators to celebrate the country’s progress in financial inclusion.
The Chief Director at the Ministry of Finance, Eva Mends, emphasized the global agenda of financial inclusion, highlighting Ghana’s advancements in interbank payment systems and mobile money interoperability.
“Today we celebrate surpassing our national goal with a 96 per cent rate of financial inclusion, exceeding our target of 85 per cent,” Mends remarked. “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 this achievement, the 2022 Composite Financial Inclusion Index, which combines access, usage, and quality dimensions, reveals that only 52.76% of the population are multidimensionally financially included.
Deputy Finance Minister Dr. Alex Ampaabeng, representing Finance Minister Dr. Amin Adam, noted that economic challenges are easing and highlighted the crucial role of mobile money in increasing financial inclusion.
“This period coincides with a time when our national economy is bouncing back strongly from the multiple shocks we have faced in recent years,” Dr. Ampaabeng stated. “These conditions underpin the expectation that we can and should accelerate the scale and quality of financial inclusion.”
In his keynote address, Professor George Yaw Gyan-Baffour stressed the importance of a robust financial sector for economic growth.
“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,” he asserted.
The conference underscored the need to maintain momentum in financial inclusion efforts, recognizing the significant strides made and the ongoing work required to ensure that all Ghanaians benefit from financial services.
