Ghana reveals several policy initiatives to boost financial inclusion and digital payments

The Ghanaian Ministry of Finance unveiled the government’s financial inclusion vision that hinges on building a highly digitised payment system to accelerate economic development and promote inclusiveness. A number of policy frameworks have been set to support the vision including the National Financial Inclusion and Development Strategy (NFIDS), the Digital Financial Services Policy, and the Cash-Lite Roadmap. In line with these policy efforts, a new Digital Payments Coordination Unit was established to bring together key stakeholders to support the implementation of main actions. It further aims to promote the government’s efforts of finding innovative ways to develop mobile phones and mobile-money platforms to buttress economic liberation for the many players in the informal sector. ‘Digital payments help drive transparency, accountability, efficiency, as well as greater women’s participation in the economy. Moving away from cash helps our country advance towards achieving many of the sustainable development goals,’ stated Ghana’s Minister of Finance Ken Ofori-Atta.