Ghana: Stakeholders meet to enhance National Financial Inclusion Strategy

Oct 26, 2016

This is to facilitate access to formal financial services across Ghana

To achieve 75 per cent financial inclusion target by the end of 2021 strategy period, the Ministry of Finance hosted stakeholders in a one-day workshop to deliberate on how to enhance the National Financial Inclusion Strategy (NFIS) framework. With 58 per cent financial inclusion, 42 per cent of Ghanaians, mainly women and rural dwellers are excluded from formal financial services; enhancing the NFIS has become imperative to improve financial inclusion among Ghanaians especially in rural areas. Speaking at the workshop, the Deputy Minister of Finance, Mrs Helen Mona Quartey described financial inclusion as backbone of economic growth. "Globally, it is recognised that it is difficult to pursue economic growth if a large sector of our society is financially excluded from active participation in the economy," she said. Mrs Quartey urged stakeholders to design innovations that will facilitate the provision of affordable and sustainable financial services to the low income earners in rural areas across Ghana. Recently, Ghana's Ministry of Finance has intensified effort to ensure financial inclusion. In August 2016, a technical committee was constituted by the Ministry to develop plans and financial inclusion strategies to accelerate spread of financial services in Ghana.