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Business News Tue, 7 May 2019

BoG plans new strategy to improve financial accessibility

The Bank of Ghana, in collaboration with the Ministry of Finance, is to implement a new national financial development and improvement strategy aimed at improving access to financial services.

According to the Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, the move is expected to improve access to financial services from the current 53 percent to 75 percent by 2021.

This development will require investors coming on board and providing more access to everyone who needs access to financial services, and in particular more access to loans, savings products among others.

Speaking at the ‘World Meets in Ghana Investors’ Forum’ in Kumasi, which brought together top businessmen from across the globe on a single platform to establish contacts and also talk about business, she called for more investment in the financial sector.

She said the recently enacted Payment System and Services Act provides opportunities for investors to get involved and provide innovative financial products.

This new Act, she observed, will make payment systems more efficient as it really embraces the notion of electronic financial services and more access to these financial services through the use of mobile phones and other electronic payment platforms.

“This is more in tune with the changing nature of business and the way business is conducted across industries,” she added.

While emphasising the opportunities for investors in the financial sector, she also assured that the central bank will do everything within its mandate to protect such investments.

“The Bank of Ghana will continue to remain vigilant to all forms of risks and vulnerabilities in the economy at large as well as the financial systems, and will take appropriate actions to ensure that these risks do not materialise; or if they do, the impacts are low on the economy and the financial system and investment.”

The programme sought to create awareness about the numerous business potentials in Ghana and also showcase Ghana to the world as the most attractive investment destination in Africa, and was held under the theme ‘Ghana, a promising investment destination in Africa’.

Source: Myjoyonline.com