Ghana must turn digital finance gains into better financial health – Dr. Asiama

Bank of Ghana Governor Dr. Johnson Pandit Asiama says Ghana must move beyond expanding access to digital financial services and focus on translating those gains into better financial outcomes for households and businesses.

He said the country’s financial sector had made significant progress over the past decade through innovation, collaboration and investment in digital infrastructure, making financial services more accessible to millions of Ghanaians.

Speaking at the Financial Health Leadership Roundtable at the Bank Square on Wednesday, November 4, Dr. Asiama said Ghana had established itself among Africa’s leading digital finance markets.

He attributed the progress to interoperable payment systems, mobile money, fintech innovation and a regulatory environment that had supported growth and trust.

“Today, Ghana stands among Africa’s leading digital finance markets, supported by interoperable payment systems, mobile money, fintech innovation and a regulatory environment that has fostered both growth and trust,” he said.

However, the Governor cautioned that financial access should not be treated as the ultimate measure of progress.

He said there was an increasing need to focus on how access to financial services could improve the financial health of individuals and businesses.

Dr. Asiama explained that financial health was influenced by several factors, including savings, insurance, pensions, investment opportunities and financial literacy.

He identified productive and responsible credit as an important pathway, particularly for households seeking to invest in their futures and businesses requiring capital to expand.

“Credit, when appropriately designed and delivered, enables households to invest in their futures and gives businesses the capital required to grow, innovate and create jobs,” he said.

The Governor also highlighted the financing difficulties confronting micro, small and medium-sized enterprises, despite their contribution to employment, innovation and livelihoods across the country.

He said technology, data and innovation could help reduce information gaps and create fairer pathways for viable businesses to access credit.

The roundtable, held during the visit of Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health, brought together stakeholders to discuss practical solutions for strengthening financial well-being.

Dr Asiama urged participants to identify barriers and develop concrete commitments to ensure that the next generation of financial services delivered better outcomes for people and businesses.