Ghana Prioritises Financial Health in New Inclusion Strategy – Deputy Finance Minister

The Deputy Minister for Finance, Mr Thomas Nyarko Ampem, has announced the Government’s commitment to prioritise financial health in the development of Ghana’s next National Financial Inclusion and Development Strategy (NFIDS), 2027–2031.

This is to ensure that access to financial services translates into improved livelihoods, economic security and wealth creation.

He said the new strategy would shift the focus from merely expanding access to formal financial services to ensuring that individuals, households and businesses could use them effectively to improve their financial well-being.

Speaking at the joint inauguration of the strategy development process at the Ministry of Finance, Mr Ampem said Ghana had made considerable progress in expanding financial inclusion, with more than eight in 10 adults owning a financial account, according to the World Bank’s Global Findex 2025.

He noted that findings from the 2021 FinScope Survey showed that only 22 per cent of Ghanaian adults were financially healthy, highlighting the gap between access to financial services and their actual benefits.

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

He said the 2027–2031 strategy would focus on expanding access to affordable and responsible financial services, promoting digital innovation, strengthening consumer protection, and improving financial literacy and resilience.

Particular attention would be given to women, young people, farmers, informal sector workers and small businesses, who continued to face challenges in accessing appropriate financial products and services.

The Deputy Minister said Government also intended to establish a Financial Inclusion Council to strengthen institutional coordination and accountability in the implementation of the strategy.

Additionally, a Financial Health Framework would be operationalised to assess the extent to which households could meet their everyday financial obligations, withstand unexpected financial shocks, save and invest towards their future.

Mr Nyarko Ampem said the initiative aligned with Government’s broader economic transformation agenda, which sought to build a productive and competitive economy through enterprise development and increased investment opportunities.

On the economy, he highlighted improving macroeconomic conditions, noting that Ghana recorded a growth rate of 6.2 per cent in the first half of 2026, while inflation declined from 23.8 per cent in December 2024 to 5.5 per cent in October 2026.

He said ongoing financial sector reforms would also extend beyond traditional banking and mobile money services to deepen capital markets and expand access to investment opportunities.

Emerging technologies, including asset tokenisation, would form part of efforts to broaden participation in the financial system and create new investment opportunities.

The strategy is being developed by a National Technical Committee comprising the Ministry of Finance, financial sector regulators and other relevant stakeholders, with its official launch expected in the first half of 2027.

Mr Nyarko Ampem called on financial institutions, regulators, fintech companies, insurers, pension providers and development partners to actively support the development and implementation of the strategy.

Judith Twumwaa, ISD