BoG Governor tells Queen Máxima about Ghana’s digital finance gains for businesses

Bank of Ghana (BoG) Governor Dr Johnson Asiama has urged a shift in Ghana’s financial inclusion agenda towards ensuring that access to digital financial services translates into improved financial well-being for households and businesses.

He said Ghana had made significant progress in digital finance over the past decade, becoming one of Africa’s leading markets through the growth of mobile money, interoperable payment systems and fintech innovation.

According to him, sustained investment in digital infrastructure and a supportive regulatory environment had played a major role in expanding access to financial services.

“Through innovation, collaboration and investment in digital infrastructure, financial services have become more accessible to millions of Ghanaians,” he said.

Dr Asiama made the remarks at a Financial Health Leadership Roundtable in Accra during the visit of Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health.

He noted, however, that expanding access alone was not enough, stressing the need to ensure that individuals and businesses could use financial services to improve their economic circumstances.

The Governor identified savings, insurance, pensions, investment opportunities and financial literacy as important factors shaping financial health, but highlighted responsible and productive credit as a particularly important means of improving financial well-being.

“Financial health is influenced by many factors, including savings, insurance, pensions, investment opportunities and financial literacy. However, one of the most important pathways to improving financial health is through productive and responsible credit,” he said.

He explained that access to properly structured credit could help households invest in their future while providing businesses with the funding needed to expand operations, innovate and create employment.

“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.

His remarks underscore the need for Ghana to move beyond the expansion of digital financial services and focus on making financial access more meaningful by supporting household welfare, business growth and broader economic development.