Financial Inclusion Expands to 80% but Only 22% of Ghanaians Are Financially Healthy, Deputy Finance Minister Reveals

More than 80 percent of Ghanaian adults now own a financial account, but only 22 percent are considered financially healthy, exposing a widening gap between access to financial services and the ability of citizens to use them to achieve financial security, Deputy Finance Minister Thomas Ampem Nyarko has disclosed.

Speaking at the inauguration of the National Technical Working Committee for the development of the National Financial Inclusion and Development Strategy (2027–2031) at the Ministry of Finance on Thursday, November 5, Nyarko said the figures pointed to the need for a fundamental shift in the country's financial sector priorities—with greater emphasis on the quality and impact of financial services rather than the number of people holding accounts.

"We have become good at opening accounts. We must now become better at making accounts improve lives," Nyarko said . "Financial inclusion gives people access to the system, but financial health gives them the means to withstand shocks, build assets, and plan for the future."

A Decade of Access, A Deficit of Resilience

The World Bank's Global Findex 2025 places Ghana's account ownership above 80 percent, a remarkable trajectory from approximately 30 percent in 2011—a point highlighted by Queen Máxima of the Netherlands, the UN Secretary-General's Special Advocate for Financial Health, who attended the inauguration . Ghana now ranks alongside South Africa and behind only Kenya and Mauritius in Sub-Saharan Africa for account ownership.

Yet the 2021 FinScope survey found that only 22 percent of Ghanaian adults were financially healthy—meaning they could meet everyday expenses, withstand financial shocks, save for the future, and feel confident about their financial circumstances . The gap between access and well-being reflects a pattern seen across developing economies: a digital account does not automatically translate into credit for a market trader, insurance for a farmer facing drought, or a pension for an informal worker.

Nyarko illustrated the disconnect with practical examples. "We know that a market woman may receive payments digitally but still lack affordable credit to expand her business. It is also true that a farmer may own a mobile money account but have no insurance against a failed harvest," he said.

A Strategy Built Around Financial Health

The new strategy will focus on affordable and responsible financial services, digital innovation, consumer protection, financial literacy, and financial resilience, with particular attention to women, young people, farmers, informal sector workers, and small businesses. "Our goal is to move from access to meaningful usage, from financial transactions to financial security, and from financial inclusion to financial well-being," Nyarko said .

As part of the proposed reforms, the government intends to establish a Financial Inclusion Council to strengthen coordination and accountability among financial sector regulators and other stakeholders, and to operationalise a financial health framework to measure whether households can meet everyday expenses, withstand shocks, and invest for the future. The strategy is targeted for launch in the first half of 2027.

Macroeconomic Stability as Foundation

Nyarko linked the financial health agenda to Ghana's broader economic recovery, citing growth of 6.2 percent in the first half of 2026 and a decline in inflation from 23.8 percent in December 2024 to 5.5 percent in October 2026. "In effect, we have restored stability and laid the foundation. Now we are ready to take off towards shared prosperity," he said.

"But we recognise the fundamental truth that we cannot build a productive economy when productive citizens lack the financial tools to realise their potential."

He said the government wants financial services to support agricultural investment, business expansion, household savings, and the development of youth-led enterprises. He also highlighted ongoing reforms aimed at deepening capital markets, including a Securities and Exchange Commission dialogue on asset tokenisation that explored how emerging technologies could broaden participation in investment markets. "Our ambition is to democratise access to finance, investment, and wealth creation," he said.

Measuring What Matters

The Deputy Minister called on regulators, banks, fintech companies, insurers, pension providers, and development partners to support the strategy's development and implementation. He said success must ultimately be measured by its impact on citizens' lives.

"Let us measure our success not only by the number of people we bring into the financial system, but by the number of people whose lives we improve," he said .