BoG Governor Tells Queen Máxima: Ghana's Financial Inclusion Success Must Now Become Financial Health

Ghana has established itself as one of Africa's leading digital finance markets, but expanding access to financial services is no longer sufficient as a measure of progress, Bank of Ghana Governor Dr Johnson Asiama has told Queen Máxima of the Netherlands, the United Nations Secretary-General's Special Advocate for Financial Health.

Speaking at a Financial Health Leadership Roundtable in Accra on Wednesday, Dr Asiama said the next phase of Ghana's financial sector development must focus on translating increased access into tangible improvements in the financial well-being of households and businesses . The roundtable formed part of Queen Máxima's three-day official visit to Ghana aimed at strengthening efforts to improve financial health outcomes .

A Decade of Transformation

Dr Asiama described the transformation of Ghana's financial sector over the past decade as significant, attributing it to innovation, collaboration and sustained investment in digital infrastructure . Mobile money, interoperable payment systems and fintech innovation have made financial services accessible to millions, placing Ghana among the continent's leading digital finance markets .

But access alone, he argued, does not guarantee well-being. "Financial health goes beyond access to banking and payment platforms," Dr Asiama said, noting that it also depends on the ability to save, obtain insurance, build pension savings, access investment opportunities and make informed financial decisions .

Responsible Credit as a Pathway

The Governor identified productive and responsibly delivered credit as a key pathway to improving financial health. Appropriately designed credit, he said, enables households to invest in their futures while giving businesses the capital needed to expand, innovate and create jobs .

"This is particularly important for micro, small and medium-sized enterprises, that form the backbone of economic activity in Ghana, creating jobs, driving innovation and supporting livelihoods," Dr Asiama stated . He urged financial institutions to leverage technology, data and innovation to broaden credit access, reduce information asymmetries and create pathways for viable businesses to access finance on fair and sustainable terms .

Queen Máxima's Challenge

Queen Máxima commended Ghana's progress in expanding financial access but stressed that the country must now look beyond short-term recovery to develop longer-term financial products, including pensions and insurance schemes . She noted that insurance penetration in Ghana remains only about three per cent of GDP, leaving considerable room for expansion .

"Financial access is a means to an end. Financial health is the end," she said . She urged Ghana to build its financial health agenda around four pillars: effective daily money management, access to liquidity to bridge financial gaps, resilience against shocks such as illness and climate change, and savings for education, retirement and business growth .

The Queen also made an economic case for financial health investment, noting that without it, employers lose productivity when workers are worried about paying the next bill, while providers that invest in financial health become profitable faster than expected. "It makes business sense and it's good for the stability of the country," she said .

The Road Ahead

For Dr Asiama, the roundtable was an opportunity to secure clear priorities and concrete commitments from stakeholders across government, financial institutions and development partners. He expressed hope that the engagement would produce practical solutions to improve financial outcomes for individuals and businesses in Ghana .

The Governor's remarks carry particular weight at a time when Ghana's macroeconomic indicators are strong—growth at 6.2 per cent in the first half of 2026, inflation at 5.5 per cent, and reserves rebuilt to US$10.9 billion . But the central bank's focus on financial health signals a recognition that headline stability must translate into household resilience if the recovery is to be durable.