GHANA must move beyond counting bank accounts and mobile money users to ensuring that citizens can withstand financial shocks, save for the future and access credit to improve their livelihoods, Queen Máxima of the Netherlands has urged.
She said expanding access to banking and digital financial services was only the first step towards building a financially secure society, stressing the need for policies and products that improved the financial health of individuals, households and businesses.
Queen Máxima, who is the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), made the call at a Leadership Roundtable on Financial Health organised by the Bank of Ghana (BoG) in collaboration with her office in Accra yesterday.
She said Ghana had reached an important stage in its financial sector development, with widespread access to banking services, mobile money and digital payment systems providing a strong foundation for the next phase of growth.
“Financial access is a means to an end. Financial health is the end,” she stressed, explaining that owning a bank account did not necessarily mean that an individual was financially secure or better off.
According to her, financial health should be assessed through four key areas: the ability to manage day-to-day finances, withstand financial shocks, pursue long-term financial goals and have the confidence to make sound financial decisions.
She said individuals needed appropriate financial products to manage irregular incomes, meet household expenses, save for emergencies and prepare for unexpected events such as illness, accidents and climate-related shocks.
Queen Máxima also underscored the importance of long-term savings, pensions, mortgages and investment opportunities in helping individuals build assets, improve productivity and secure their retirement.
She said financial confidence was equally important, as financially secure individuals were more likely to repay loans on time, remain loyal customers and perform better at their workplaces. Read More
BY KINGSLEY ASARE
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