Business News of Sat, 12 Aug 20170

Financial Inclusion Strategic Plan in the offing

Mr Sampson Akligoh, Director, Financial Sector Division of the Ministry of Finance, has announced that Ghana would launch its Financial Inclusion Strategic Plan next year as part of effort to transform the financial sector.

He said the impact of the plan would affect the people, who are without access to financial services as well as consumer companies rendering financial services.

Speaking at the third banking and Insurance Fair in Accra, he said the strategic plan would help foster strong financial sector to the benefit of both the consumers and the private sector.

The two-day fair is being organised by Kotlers Management Services for the Banking and Insurance Sectors to showcase their products and services to the public.

Mr Emmanuel Appiah Mensah, Head of Audit and Risks Management, Security Exchange Commission, called for a policy to integrate Ghana’s unbanked population.

He said these populations formed the largest and posed many risks for the country if efforts are not made to integrate them into the financial system.

He said to address the situation they came up with the Ghana Alternative Exchange to include Small Medium Enterprises with potentials for growth and individuals, who could invest in to the company.

Mr Mensah appealed to the Ministry of Finance to collaborate with the regulators to work for the interest of the financial sector.

He also called for the need to promote good corporate governance to enhance the growth of the sector as well as a unified strategic plan for the financial sector to achieve their targets.

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Mr David Tetteh Amey - Abbey, Deputy Chief Executive Officer, National Pension Regulatory Authority, said the total assets under Management (AUM) as at June 31, 2017 stood at over 8.3 billion cedis.

He said there were currently 243 registered privately managed pension schemes, 1,230 licensed individual trustees, 33 licensed corporate trustees, 101 Service providers, made up of 84 Pension Fund Managers, 17 Custodians in the pension industry in Ghana.

He said pension was a very sensitive and passionate issue because it borders on peoples livelihood after retiring from active work and pledged the Authority’s commitment to continuously seek opportunities to encourage workers to join a scheme and contribute towards their retirement or old age.

Mr Samuel Ogyiri Sackey, Managing Director of Kotlers Management Services, said they were able to organise three fair since its inception in 2007 due to challenges faced as platform builders.

He said notable among the challenges were lukewarm attitudes that resulted in delays in responding, late payment of fees, among others.

He, therefore, promised to make the fair an annual affairs and it would be extended to other regional capitals in the near future for greater inclusion.

Mr Simon Nero Davor, Deputy Commissioner for Insurance, who chaired the function, said for any meaningful development of any economy, the four sectors, namely, Stock Market, Insurance, banking and Pensions should work together.

He therefore appealed to the Ministry of Finance to adopt the fair to form part of its financial inclusion and financial literacy week celebration.

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