Abstract
This paper explores the role of Ghana’s National Financial Inclusion and Development Strategy (NFIDS) in fostering a robust regulatory and policy environment to enhance financial inclusion. The paper applies Ginsberg and Miller-Cribbs’ (2005) policy analysis framework to the analysis of financial inclusion. We found that Ghana’s implementation of various financial infrastructures and initiatives, including interoperable retail payment and QR code systems, have facilitated the digitalization of financial services. These changes have contributed to an increase in mobile money account holders, mobile microinsurance, and mobile lending services. However, the findings revealed (a) a lack of evidence of the policy’s impact on the disparity in access to financial services in some regions and demographics, (b) insufficient progress tracking of the financial service agenda as aimed in the policy, and (c) ambiguity in the funding of the NFIDS implementation. Other challenges to the policy include high rates of financial illiteracy, cybercrimes and fraud, unstable internet connectivity, high-interest rate, high charges of mobile and digital services, and lack of confidence in the legal system to seek redress. Overall, Ghana has made significant progress in promoting financial inclusion on the African continent. Policy and practical implications of the findings are discussed.
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Acknowledgements
We thank the financial capability in Africa (FC Africa) initiative and the leadership for conceiving this special issue and inviting the Chartered Institute of Bankers to contribute a paper.
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Mr. Charles Ofori-Acquah, a chartered banker, was the one who conceived the topic and supervised and reviewed the preparation of the manuscript. Dr. Christine Avortri, a chartered banker and lecturer, wrote the introduction, conducted the literature review, and compiled and submitted the manuscript. Dr. Alexander Preko, a senior researcher and lecturer, analyzed the policy documents and wrote the methodology, discussion, conclusion, and implications. Dr. David Ansong provided overall guidance and assisted with addressing reviewers’ queries.
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Ofori-Acquah, C., Avortri, C., Preko, A. et al. Analysis of Ghana’s National Financial Inclusion and Development Strategy: Lessons Learned. Glob Soc Welf 10, 19–27 (2023). https://doi.org/10.1007/s40609-022-00255-6
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DOI: https://doi.org/10.1007/s40609-022-00255-6