Ghana targets financial health with new inclusion strategy for 2027–2031

Ghana is taking steps to shift its financial inclusion agenda from expanding access to financial services to improving the financial health and well-being of citizens.

The Ministry of Finance, in collaboration with the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, Her Majesty Queen Máxima of the Netherlands, has inaugurated a National Technical Working Committee to spearhead the development of the country’s second National Financial Inclusion and Development Strategy (2027–2031).

The strategy, which is being developed under the theme “ Shaping Ghana’s Next Frontier in Financial Inclusion and Development,” is expected to provide a roadmap for improving access to financial services, strengthening financial resilience and promoting economic empowerment.

Speaking at the inauguration, Deputy Minister of Finance, Hon. Thomas Ampem Nyarko, said government is committed to ensuring that financial inclusion translates into tangible improvements in the lives of Ghanaians.

He noted that although the country has made significant progress in expanding access to financial services, more needed to be done to ensure citizens could use these services to improve their financial security.

According to him, data from the World Bank’s Global Findex 2025 shows that more than eight in every ten Ghanaian adults now own a financial account. However, the 2021 Financial Inclusion and Demand-Side Survey found that only 22 percent of adults were financially healthy.

“We have become good at opening accounts. We must now become better at making accounts improve lives,” he said.

Mr Nyarko explained that financial inclusion must go beyond owning bank or mobile money accounts to providing people with the financial tools to withstand economic shocks, build assets and plan for the future.

He said the new strategy would prioritise responsible financial services, digital innovation, consumer protection, financial literacy and resilience, particularly among women, young people, farmers, informal sector workers and small businesses.

The Deputy Minister also announced plans to establish a Financial Inclusion Council to strengthen coordination and accountability among stakeholders, alongside a financial health framework to measure the financial well-being of households.

He said government is working towards launching the new strategy in the first half of 2027.

Her Majesty Queen Máxima has emphasised the need for Ghana to shift its focus from financial inclusion alone to achieving measurable improvements in the financial health of its citizens.

She described financial inclusion as a means to an end, arguing that access to financial accounts does not automatically translate into improved living conditions.

“Financial inclusion is a means to an end, not an end in itself. You don't become better by having an account. You're going to become better when you have an insurance that is going to protect you when there's drought,” she said.

Queen Máxima identified four key components of financial health: managing day-to-day finances, building resilience against financial shocks, pursuing financial goals and maintaining confidence in one's financial future.

She explained that households must be equipped with the tools to manage income and expenditure, save towards anticipated expenses and protect themselves against unexpected events such as illness, accidents, droughts and fires.

She also stressed the importance of emergency savings, affordable insurance and accessible pension schemes, particularly for workers in the informal sector.

Queen Máxima noted that Ghana had made considerable progress in financial inclusion, with access to financial services increasing from about 30 percent in 2011 to approximately 80 percent currently.

She said the country was at a critical point to ensure that the progress made in expanding financial access translates into improved financial well-being.

The Queen further called for the adoption of a broader financial health measurement framework that captures the experiences of different groups, including women, older persons and rural and urban dwellers.

She urged financial institutions to assess the financial health of their customers and develop innovative products that respond to their needs.

She cited the example of savings products that automatically set aside a portion of customers' income to encourage regular savings.

Queen Máxima also called for stronger collaboration among financial sector regulators to expand access to affordable insurance and pension products, while promoting digital payments and data sharing to improve financial services.

She stressed that achieving financial health would require coordinated efforts from government, financial institutions, regulators and development partners.

“My partners and I are going to be accompanying you along the way in order to develop this financial health and make it a reality,” she assured.

The inauguration brings together financial sector regulators, financial institutions, development partners and other stakeholders to guide the development of Ghana's second National Financial Inclusion and Development Strategy.