Dr. Alexander Ampaabeng
Deputy Minister of Finance, Dr. Alexander Ampaabeng, has lauded the private sector for its contribution to the country’s quest to increase financial inclusion in all sectors of the economy.
Speaking at the 2024 financial inclusion Conference held in Accra, he said the country has made progress in advancing financial inclusion due to the significant input from the private sector.
“Refreshingly, the achievement is an outcome of the unique combination of the power of public and private sectors. Infact, the private sector has responded effectively to the immense public investment in the country”.
“This has resulted in mobile money adoption which is transforming the financial landscape and empowering millions of Ghanaians with access to reliable and quality financial services,” he added.
The Deputy Minister said financial inclusion plays a crucial role in transforming economies and can contribute significantly to increased economic growth in many sectors as pertains in other developed economies.
The conference organized by the Ministry of Finance and the World Bank is expected to provide a platform for stakeholders to discuss, evaluate and reflect on the gaps that exist in Ghana’s financial system as well as collaborate for a more inclusive and resilient financial ecosystem.
He added that in spite of an increased financial inclusion, the government would continue to address challenges with digitalisation and digital divide especially in rural communities that are faced with limited internet access.
Some of the projects the Minister mentioned include the 2022/2023 national financial inclusion and development strategy, the introduction of the mobile money interoperability, the development of the digital financial services policy, the implementation of the QR code payment system among several others.
Chairman of the National Development Planning Commission (NDPC), Prof. Gyan Baffour, commended the World Bank group for their support.
He said the government has consistently prioritised the development of the financial sector to create a resilient financial ecosystem which is evident in the programmes, policies and projects the government has initiated over the years.
Head, Other Financial Institutions, Bank of Ghana, Yaw Sarpong, said the Bank of Ghana in recent years has played a pivotal role to deepen financial inclusion both in the physical and digital spaces aimed at creating a conducive environment for financial innovation in bringing the unbanked population into the formal financial system.
He said the bank’s commitment to financial inclusion extends beyond regulation considering the 2023 surge in mobile money transaction with a total value increase of 82% with over 38% rise in transaction volume is partly due to the strategic implementation of the mobile money interoperability.
He pledged the Bank’s commitment to leverage digital technology and extend financial services to all Ghanaians working closely with civil society, financial institutions, and fintech to create an environment that supports innovation and inclusivity with the supports of all stakeholders.
Among the topics that would be discussed at the 2-day conference are, ‘Harnessing change to accelerate financial inclusion in Ghana’, ‘Traditional financial services and fintech in the digital era’. ‘Financial inclusion and micro and small medium enterprise development’ and ‘Regulation and supervision for fostering inclusive innovation.’
The maiden conference held on the theme, “Accelerating Financial Inclusion In The Digital Era” brought together stakeholders from the telecom industry, representatives from the World Bank, the Ministry of Communication and Digitalization, fintech association, financial regulators, financial institutions, policy makers and other representatives from academia.
By Ebenezer K. Amponsah