The Ministry of Finance (MoF) has received financing from the World Bank towards the cost of the Ghana Financial Sector Development Project, with the objective to promote financial sector soundness and access to financial services by individuals. Ghana has a population of about 29.6 million (2018 estimate), of which about 60 percent are adults. In 2015, 58 percent of this adult population had access to formal financial services, up from 41 percent in 2010; however, there is still significant potential for improvement.
The Government of Ghana seeks to reduce economic vulnerability and income inequality through promotion of financial inclusion. In this context, the MoF, in collaboration with Financial Sector Regulators and other key stakeholders, have developed a National Financial Inclusion and Development Strategy (NFIDS) to address the fundamental barriers preventing the underserved population from accessing financial products and services which would enable them to generate income, build assets, manage financial risks, and become economically empowered.
Progress in financial inclusion has been monitored via demand-side surveys, such as the World Bank Global Findex (2011, 2014, 2017),2 the 2015 CGAP Financial Inclusion Insights,3 and the 2010 Finscope.4 The MoF is commissioning a new demand-side survey that will support efforts to extend the reach of financial services in the country. This is to be achieved by developing greater understanding about financial consumers’ perceptions, attitudes and behaviors, the types of products used (including payment and transfer services, savings, credit, insurance and remittances), and the drivers and barriers to use of and access to financial products and services. The survey will provide an updated and granular data to track overall progress in financial inclusion, including the targets set out in the NFIDS.