Financial Inclusion and Development Strategy currently before cabinet - Akufo-Addo

President Akufo-Addo has disclosed that a National Financial Inclusion and Development Strategy, which is currently before cabinet will help undertake reforms to deepen the country’s financial markets and promote inclusion.

According to him, the strategy when implemented will target an increased access to formal financial services for relatively excluded groups from the current 57 percent to 85 percent by 2023.

President Akufo-Addo made the announcement speaking at the inaugural ceremony of the Standard Chartered Bank’s Ghana Head Office building on Wednesday, October 3.

He said the strategy will also enhance the supervision and regulation of specialised deposit-taking in financial institutions.

‘’The roles of banks are critical and when banks do not become mere profit making enterprises but see themselves as active and inclusive partners with government to build a healthier and stronger economy to make significant progress,’’ Akufo-Addo said.

Background

Dr. Ernest Addison, Governor of the Bank of Ghana last year announced during a Symposium on Financial Inclusion that government in collaboration with the World Bank, will launch the National Financial Inclusion and Development Strategy framework as part of a broader objective to reform the financial sector.

The World Bank in September last month approved a US$30 million International Development Association (IDA) credit to support government to strengthen its financial sector stability.

The credit is to help improve inclusiveness for users of formal financial services and the financially excluded, particularly women, rural communities and farmers.

This initiative is expected to support the overall vision of making available a broad range of affordable and quality financial services that meet the needs of all Ghanaians, provided by sound, responsible, and innovative financial institutions.

Standard Chartered commendations

President Akuffo Addo in his speech commended the Standard Chartered Bank for staying through all the years of Ghana’s economic journey and establishing a resilient bank to serve the needs of the people, creating jobs and adding to Accra’s skyline with its new head office.

"I am confident that the best years of the bank lay ahead," he added.