Increased financial inclusion vital for economic growth – Duffuor

A former Governor of the Bank of Ghana, Dr Kwabena Duffuor, has called for policies that will help increase financial inclusion especially in the informal sector.

He said financial services in Ghana “only serve a few” in spite of the progress that the country has made through reforms in the banking and insurance sectors. He was certain of accelerated economic growth if the potential of financial inclusion is fully explored and challenges addressed.

Dr Duffuor, who was speaking at the 38th Management Day Celebration of the University of Ghana Business School, expressed worry that in an era of abundance of banks in the country, there seems to be no correlation with increased financial inclusion.

Speaking on the theme “Finance and Insurance for Inclusive National Development” he was optimistic that the right policy interventions would lead to transition of the big informal sector to spur a higher financial inclusion.

“…It is regrettable, therefore, that a huge chunk of our population still find themselves outside of the financial system,” he lamented.