More than eight in 10 Ghanaian adults now have access to a financial account, but only 22% are considered financially healthy, exposing a sharp gap between financial inclusion and actual economic security.
The Ghana financial health gap is now shaping the government’s next financial inclusion strategy, with Deputy Finance Minister Thomas Ampem Nyarko arguing that simply getting people into the financial system is no longer enough.
“We have become good at opening accounts. We must now become better at making accounts improve lives,” he said.
Hon. Nyarko was speaking at the inauguration of the National Technical Working Committee for the development of Ghana’s National Financial Inclusion and Development Strategy for 2027 to 2031 at the Ministry of Finance on Thursday, November 5.
Government says figures from the World Bank’s Global Findex 2025 show that more than 80% of Ghanaian adults have a financial account.
Yet the 2021 FinScope survey found only 22% financially healthy, meaning a large number of people remain unable to withstand financial shocks, build meaningful savings or plan securely for the future.
Having an account is not enough
Hon. Nyarko said the figures show why Ghana must move beyond measuring financial inclusion by the number of bank and mobile money accounts in use.
A trader may accept digital payments every day but still struggle to obtain affordable financing to expand. A farmer may use mobile money but remain financially exposed if drought or crop failure wipes out a season’s income.
“We know that a market woman may receive payments digitally but still lack affordable credit to expand her business.
"It is also true that a farmer may own a mobile money account but have no insurance against a failed harvest.” - Ampem Nyarko
That distinction is at the heart of the government’s new policy direction.
“Financial inclusion gives people access to the system, but financial health gives them the means to withstand shocks, build assets, and plan for the future,” Hon. Nyarko said.
The FinScope findings show the scale of that challenge. Apart from the 22% considered financially healthy, 44% of adults were classified as financially coping and 34% as financially vulnerable.
The survey also found weaknesses in household savings and risk management, two areas that become particularly important when families face illness, job losses, poor harvests or other unexpected expenses.
New strategy to focus on financial security
Government wants the second National Financial Inclusion and Development Strategy to place greater emphasis on what people are actually able to do with financial services.
The strategy will cover affordable and responsible financial products, consumer protection, financial literacy, digital innovation and resilience.
Women, young people, farmers, workers in the informal economy and small businesses are expected to receive particular attention because they often face greater difficulty obtaining suitable credit, insurance, pensions and investment products.
“Our goal is to move from access to meaningful usage, from financial transactions to financial security, and from financial inclusion to financial well being,” Hon. Nyarko said.
Government also intends to establish a Financial Inclusion Council to improve coordination among regulators and institutions responsible for the financial sector.
A financial health framework is also planned to measure whether households can manage routine expenses, absorb financial shocks, save and invest.
The technical committee inaugurated on Thursday will steer preparation of the strategy, with government targeting its launch in the first half of 2027.
Financial health tied to economic recovery
Hon. Nyarko argued that the issue goes beyond household finance and sits directly within Ghana’s broader economic transformation agenda.
He pointed to economic growth of 6.2% in the first half of 2026 and the decline in inflation from 23.8% in December 2024 to 5.5% in October 2026 as evidence that macroeconomic conditions have improved.
“In effect, we have restored stability and laid the foundation. Now we are ready to take off towards shared prosperity,” he said.
But improved headline economic indicators will mean little, he argued, if households and businesses cannot access financial tools that help them invest and grow.
“We cannot build a productive economy when productive citizens lack the financial tools to realise their potential,” he said.
Government wants farmers to have financing for production, small businesses to obtain capital for expansion, families to build savings and young entrepreneurs to have better opportunities to turn ideas into viable enterprises.
Investment access also in focus
The government is also examining ways to broaden access to investment and wealth creation beyond conventional banking products.
Hon. Nyarko cited recent discussions led by the Securities and Exchange Commission on asset tokenisation, where regulators and industry players considered how digital technology could open investment markets to more people.
“Our ambition is to democratise access to finance, investment, and wealth creation,” he said.
He cautioned that new technology must be accompanied by regulation, investor protection and safeguards for financial stability.
Banks, fintech companies, insurers, pension providers, regulators and development partners are expected to play a role in developing the new strategy.
“Let us measure our success not only by the number of people we bring into the financial system, but by the number of people whose lives we improve,” Hon. Nyarko said.
For government, the measurement of progress is also changing. Having millions of people connected to mobile money or bank accounts will no longer be sufficient if those accounts do little to improve their ability to save, borrow responsibly or recover from financial setbacks.
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