Editorial: BoG remains committed to financial inclusion


Second Deputy Governor of the Bank of Ghana (BoG), Elsie Addo Awadzi, has stated that the Bank of Ghana is making efforts toward financial inclusion to promote economic resilience.

Under the National Financial Inclusion and Development Strategy, the BoG is working to increase access to affordable financial products and services – particularly for individuals, small and micro-businesses, and informal sector players.

Delivering the keynote address at the ISSER-World Bank Public Engagement on 2021 Ghana Findex Data and Launch of ISSER Inclusive Finance Development Series, Mrs. Awadzi said the country has witnessed immense digital transformation in financial services these last few years.

Additionally, the bank’s wholly-owned subsidiary – Ghana Interbank Payment and Settlements Systems (GhIPSS) – invested in mobile money interoperability infrastructure to support digital financial services, resulting in a significant increase of mobile money usage in Ghana.

She noted that country’s progress in financial inclusion is commendable, and with continuous effort the bank will achieve its goal; which is to promote financial inclusion in Ghana’s economic and financial resilience.

A survey found that 96 percent of the adult population in Ghana have access to financial services, exceeding the targetted 85 percent for 2023. The findings suggest that mobile money has played a significant role in the growth of financial inclusion in Ghana.

The mobile money industry enjoyed a big boost during the pandemic. Mobile money has risen to become the most popular digital financial service (DFS) in Ghana; and in recent years Ghana has been identified as one of the biggest mobile money markets and the fastest-growing one in Africa.

It is noteworthy that introduction of the E-levy led to a reduction in demand as the increase in use-cost led to revenue reductions. However, a resurgence has been observed amid a revised rate on E-levy transactions.

Currently, the rate has been reduced to 1 percent across all transactions – without exemptions, unlike in 2022 when it was initially set at a rate of 1.75 percent on the value of transactions over GHȼ100.

After the E-levy was lowered from 1.5 to 1 percent, we have seen the numbers coming up.

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