Only 22% of Ghanaian adults are financially healthy despite high account ownership – Deputy Finance Minister

• Deputy Finance Minister Thomas Nyarko Ampem says about 80% of Ghanaian adults own financial accounts, but only 22% are financially healthy.

• A working committee has been tasked with developing a five-year financial inclusion strategy to improve financial literacy, consumer protection and access to affordable financial services.

• The strategy is expected to be launched in the first half of 2027, with Queen Máxima calling for better financial health data and stronger collaboration among stakeholders.

About eight in every 10 adults in Ghana own a financial account, but only 22 per cent are considered financially healthy, Deputy Finance Minister Thomas Nyarko Ampem has said.

According to a report by Graphic Online, Mr Ampem said the figures showed that access to financial services had not necessarily translated into financial security for many Ghanaians.

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He made the remarks in Accra while inaugurating a working committee tasked with developing the country's second National Financial Inclusion and Development Strategy.

Mr Ampem said Ghana needed to move beyond increasing the number of people with bank accounts and mobile money wallets to ensuring that individuals and households could use financial services effectively to improve their financial well-being.

The event was attended by Queen Máxima of the Netherlands, the Director-General of the Securities and Exchange Commission, Dr James Klutse Avedzi, the Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, and the Chief Executive Officer of the Ghana Investment Promotion Authority, Simon Madjie, among other officials.

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The working committee is expected to develop a policy framework to guide Ghana's financial inclusion agenda over the next five years.

Its responsibilities include identifying gaps in the financial sector and recommending measures to expand access to affordable and responsible financial services, strengthen consumer protection, promote financial literacy and improve the financial resilience of households and businesses.

The strategy is expected to provide a roadmap for moving the country from increased financial account ownership to meaningful use of financial services and improved financial well-being. It is scheduled for launch in the first half of 2027.

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Mr Ampem also said the government intended to operationalise a financial health framework to assess how well households could meet everyday expenses, withstand unexpected financial difficulties, save and invest for the future.

He said the strategy would promote digital innovation and responsible financial services while improving consumer protection and financial literacy.

A Financial Inclusion Council is also expected to be established to strengthen coordination and accountability among institutions responsible for advancing the country's financial inclusion agenda.

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Queen Máxima said Ghana needed to move beyond measuring financial inclusion through bank account ownership and focus more on whether individuals and households were financially healthy.

She called for improved data collection to capture differences across gender, age groups and rural and urban communities, saying such information would help policymakers design targeted interventions.

Using an example from the Netherlands, she said a major bank discovered that about one-fifth of its customers had virtually no savings. The bank subsequently introduced products that automatically set aside a portion of customers' income for savings.

Queen Máxima also called for stronger collaboration among financial regulators, government institutions and private sector players to promote digital payments, improve data sharing and develop affordable insurance and pension products, particularly for informal sector workers.