Ghana launches innovative policies to deepen financial inclusion

Source: Xinhua| 2020-05-19 00:58:52|Editor: huaxia

ACCRA, May 18 (Xinhua) -- Ghana launched three innovative policies on Monday to further deepen financial inclusion for rapid growth in the economy.

The three policies include the national financial inclusion and development strategy, developed in collaboration with the World Bank, aimed at increasing financial inclusion from 58 percent to 85 percent by 2023, and create economic opportunities to reduce poverty.

The government has also launched the digital financial services policy, which is built on existing technological gains to create a resilient, inclusive, and innovative digital ecosystem that contributes to social development, a robust economy, and a thriving private sector.

Ghana has also been assisted by the United Nations-based Better-Than-Cash Alliance to design the Cash-Lite Roadmap. It aims at building an inclusive digital payments ecosystem to create better access to financial services, enabling regulations oversight, and promote consumer protection.

For effective implementation, the government has set up a new digital payments coordination unit to drive stakeholder engagements on the implementation of key actions.

"Moving away from cash helps our country advance towards achieving many of the sustainable development goals," the Minister for Finance, Ken Ofori-Atta said.

Managing Director of Better-Than-Cash Alliance, Ruth Goodwin-Groen, said Ghana was already recognized as a global digital payment success story.

"We look forward to continuing working with our members, the government, as well as with the private sector and international organizations, to accelerate the new ambitious cash-lite road-map, in a way that is responsible and responsive, to the needs of all Ghanaians," she added.

Ghana has been promoting electronic means of payment to minimize the spread of the COVID-19 pandemic in the country. Enditem