World Bank Group, Queen Máxima push financial health agenda for informal-sector workers

The World Bank Group has convened Her Majesty Queen Máxima of the Netherlands, the United Nations Secretary-General's Special Advocate for Financial Health (UNSGSA), alongside senior representatives of government, regulatory institutions and the financial sector for a high-level roundtable on expanding savings opportunities, pension coverage and access to capital markets for informal-sector workers.

Held at the World Bank Group’s Accra office under the theme “From Savings to Prosperity: Informal-Sector Pensions, Financial Health, and Capital Markets”, the roundtable, organised jointly by the World Bank and the International Finance Corporation (IFC), explored practical approaches to strengthening household financial resilience while mobilising domestic savings for productive investment.

The engagement forms part of broader efforts to advance financial inclusion beyond access to financial services, towards enabling individuals and households to build savings, manage financial risks and secure their long-term financial wellbeing.

Ghana has made significant progress in expanding financial inclusion, with 81 percent of adults holding a financial account in 2024, compared with 58 percent across Sub-Saharan Africa, according to Global Findex 2025. Mobile-money access reached 78 percent.

However, significant gaps remain in household financial resilience and retirement preparedness. Only 30 percent of adults could cover more than two months of expenses following the loss of their main source of income, while just 18 percent saved formally for old age.

Against this backdrop, Queen Máxima highlighted the importance of integrating savings, insurance, pensions and other financial services to help individuals move beyond account ownership towards greater financial security. “Financial access is a critical enabler, but we must also look at savings, insurance, pensions, and broader financial resilience,” she said.

She emphasised that emergency savings are particularly important in sustaining long-term retirement contributions, noting that immediate financial pressures often make it difficult for households to prioritise future needs. “It is difficult to focus on retirement 30 years from now if you are worried about a financial emergency tomorrow,” Queen Máxima said. She also underscored the commercial relevance of financial health, describing it as a business imperative rather than simply a corporate social responsibility concern.

Strengthening partnerships for financial health Nathalie Kouassi-Akon, IFC Division Director for West Africa Gulf of Guinea, said the roundtable provided an opportunity to build on Ghana’s progress in expanding financial access and strengthening its financial system, while addressing the remaining gaps in household financial security. “Financial inclusion, while essential, is not the finish line. The real measure of success is whether people are able to build resilience, withstand shocks and improve their financial wellbeing over time,” she said.

She said Queen Máxima’s engagement came at an important time as the World Bank Group advanced its Country Partnership Framework for Ghana, providing an opportunity to align ongoing development efforts with the country’s evolving financial sector priorities.

She further highlighted the importance of collective action involving regulators, pension providers, investors, financial institutions and innovators to identify scalable solutions and translate the discussions into practical commitments. “Our hope is that this conversation will lead not only to valuable insights, but also to practical actions and partnerships that help more Ghanaians move from financial vulnerability to financial security, and from savings to prosperity,” she said.

Expanding savings opportunities for informal workers A central focus of the roundtable was the need to develop financial products that reflect the income patterns and circumstances of informal-sector workers, many of whom rely on irregular or seasonal earnings and remain underserved by conventional savings and pension arrangements.

Participants explored opportunities to expand flexible micro-pension models that allow contributions on a daily, weekly, monthly, seasonal or lump-sum basis. Mobile-money platforms, agent networks and trade associations were identified as important channels for improving access and making regular saving more convenient. The discussions also highlighted the importance of connecting long-term savings with appropriate insurance, emergency liquidity and responsible credit to help households manage unexpected financial pressures without compromising their retirement plans.

In addition, participants examined ways to broaden access to capital markets through safe, regulated and professionally managed investment opportunities, particularly for informal-sector and first-time investors.

Connecting domestic savings to productive investment

The roundtable also examined the role of pension savings and other domestic financial resources in deepening Ghana’s capital markets and expanding long-term financing for productive sectors.

Ghana’s three-tier pension system currently holds approximately US$11.5 billion in assets, although participation among informal-sector workers remains modest. Expanding coverage could strengthen the domestic institutional investor base and increase the pool of long-term capital available to support businesses and infrastructure development. Through the Joint IFC-World Bank Capital Market Program (J-CAP), the World Bank Group is working with the Government to strengthen capital market foundations, diversify the institutional investor base and expand the supply of suitable investment assets.

The programme also supports demonstration transactions in infrastructure, green finance and small and medium-sized enterprise (SME) financing, with the objective of creating additional opportunities to channel domestic savings into productive investment. The World Bank Group is also supporting the development of Ghana's new financial inclusion strategy, which provides an opportunity to strengthen coordination across the financial sector and advance a more comprehensive approach to financial health.

Strengthening the financial health ecosystem

The roundtable identified several priorities for advancing financial health and expanding savings opportunities among underserved populations. These include developing affordable and flexible financial products that accommodate irregular incomes; expanding digital platforms that reduce the cost and complexity of saving and investing; and strengthening consumer protection, transparency and trust across financial services.

Participants also emphasised the need for safe and regulated channels through which long-term savings can be mobilised for productive investment, supported by a broader range of credible investment opportunities. Continued collaboration among government, regulatory institutions, financial service providers, the private sector and development partners will be essential to advancing these priorities and ensuring that financial inclusion translates into improved financial security for individuals and households.