Ghana is preparing to overhaul its financial inclusion agenda, shifting attention from simply getting citizens to open bank and mobile money accounts to ensuring that access to financial services translates into genuine improvements in their financial well-being.
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 lead the development of the country’s second National Financial Inclusion and Development Strategy (2027–2031).
The initiative marks a significant shift in the country’s approach to financial inclusion, placing financial security, resilience and economic empowerment at the centre of its next phase of reforms.
Under the theme “Shaping Ghana’s Next Frontier in Financial Inclusion and Development,” the strategy is expected to provide a roadmap for expanding access to financial services while ensuring that individuals, households and businesses can use these services to improve their economic circumstances.
The urgency behind the initiative is reflected in a striking gap between account ownership and financial well-being across the country.
Ghana’s Account Ownership Success Faces a Financial Health Test
Ghana has made considerable progress in bringing more adults into the formal financial system. 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, widespread account ownership has not necessarily translated into stronger financial security.
The 2021 Financial Inclusion and Demand-Side Survey found that only 22 percent of adults were financially healthy, exposing a significant gap between having access to financial services and being able to use them to improve living conditions.
Speaking at the inauguration, Deputy Minister of Finance, Hon. Thomas Ampem Nyarko, acknowledged the progress made but argued that the country must now concentrate on making financial services more meaningful to ordinary citizens.
“We have become good at opening accounts. We must now become better at making accounts improve lives.”
Hon. Thomas Ampem Nyarko
His remarks capture the central challenge confronting Ghana’s financial sector. Millions of people may have bank accounts or mobile money wallets, but many continue to struggle with saving, managing unexpected expenses, accessing affordable insurance and building financial security.
The new strategy is expected to address these challenges by moving financial inclusion beyond account ownership and towards measurable improvements in people’s everyday financial experiences.
Queen Máxima Challenges Ghana to Rethink Financial Inclusion
Her Majesty Queen Máxima has also called for a fundamental change in how Ghana measures the success of its financial inclusion programmes.
She emphasised that access to financial accounts should not be mistaken for financial progress, arguing that the real value of inclusion lies in the protection and opportunities it provides.
“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.”
Her Majesty Queen Máxima
Queen Máxima identified four important dimensions of financial health: managing day-to-day finances, building resilience against financial shocks, pursuing financial goals and maintaining confidence in one’s financial future.
These priorities reflect the financial pressures facing households across Ghana, where unexpected medical bills, accidents, fires, droughts and unstable incomes can quickly undermine years of savings.
She stressed the importance of emergency savings, affordable insurance and accessible pension schemes, particularly for workers in the informal sector who often operate without the financial protection available to employees in more structured workplaces.
Her intervention also highlights the need for financial institutions to develop products that respond to the actual needs of customers rather than concentrating solely on expanding their customer numbers.
Women, Farmers and Small Businesses in Focus
The strategy is expected to place particular attention on groups that remain vulnerable to financial shocks, including women, young people, farmers, informal sector workers and small businesses.
Digital innovation, responsible financial services, consumer protection, financial literacy and financial resilience will form important pillars of the proposed framework.
Queen Máxima also encouraged financial institutions to consider innovative savings products that automatically set aside a portion of customers’ income, helping them develop consistent saving habits without having to make frequent manual decisions.
Such interventions could prove particularly valuable to workers with irregular incomes, many of whom struggle to maintain savings while meeting daily household expenses.
She further called for stronger collaboration among financial sector regulators to improve access to affordable insurance and pension products, while promoting digital payments and data sharing to strengthen the delivery of financial services.
The proposed approach recognises that financial inclusion cannot succeed through account ownership alone. People must also have access to products that protect their income, support long-term planning and provide financial stability during difficult periods.
Financial Inclusion Council to Strengthen Accountability
Beyond the development of the strategy, government is considering institutional measures to improve coordination and accountability across the financial sector.
Deputy Finance Minister Thomas Ampem Nyarko announced plans to establish a Financial Inclusion Council to strengthen collaboration among stakeholders involved in advancing the country’s financial inclusion agenda.
Government also intends to introduce a financial health framework that will help measure the financial well-being of households and assess whether financial inclusion initiatives are producing meaningful outcomes.
This represents an important development in the country’s financial sector policy, as it introduces a stronger focus on measuring how financial services affect people’s lives rather than relying primarily on access indicators.
Government is working towards launching the new National Financial Inclusion and Development Strategy in the first half of 2027.
Ghana’s Next Financial Inclusion Frontier
The success of the 2027–2031 strategy will depend largely on whether its ambitions translate into affordable, accessible and practical financial products.
Ghana’s financial institutions, regulators, government agencies and development partners will need to work together to close the gap between financial access and financial security.
Queen Máxima reaffirmed her commitment to supporting the country’s efforts, assuring stakeholders of continued international collaboration.
“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.”
Her Majesty Queen Máxima
As Ghana prepares to introduce its next financial inclusion strategy, the challenge will be ensuring that millions of account holders become financially stronger households, better-protected workers and more resilient businesses.
The country’s next phase of financial inclusion will ultimately be judged not by how many people open accounts, but by how many can save, withstand financial shocks, build assets and plan confidently for the future.
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