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52.76% of Ghanaians are multidimensionally financially included, according to a report.

Written by on June 28, 2024

A significant 52.76 percent of Ghanaians are multidimensionally financially included, as indicated by the 2022 Composite Financial Inclusion Index.

Launched by the Financial Sector Division (FSD) of the Ministry of Finance, the 2022 index monitors progress in implementing the National Financial Inclusion Development Strategy (NFIDS) from 2018 to 2022. It provides a comprehensive assessment of financial inclusion by integrating the dimensions of access, usage, and quality.

While the World Bank’s Consultative Group to Assist the Poor (CGAP) reported that only 58 percent of Ghana’s adult population had access to formal financial services in 2015, a more recent Demand-side Survey by the Ministry of Finance in 2022 revealed a significant increase to 96%.

Despite achieving high access to financial services, the composite financial inclusion index underscores the need for continued improvement in other areas.

The 2022 Composite Financial Inclusion Index report reveals that Ghana scored 0.5882 on the Access dimension, indicating that approximately 58.82% of the population has access to formal financial services. This dimension, based on 16 indicators, suggests broad coverage of financial services nationwide.

On the Usage dimension, Ghana scored 0.4856, indicating that about 48.56% of those with access actively engage with formal financial services. This dimension, based on 18 indicators, highlights potential for increased utilization of these services.

Ghana’s Quality Index stands at 0.5558, reflecting a moderate level of reliability, effectiveness, and appropriateness in the financial services provided. This dimension, considering 6 indicators, underscores the importance of ensuring that financial services meet users’ needs and expectations.

The 2022 Composite Financial Inclusion Index report recommends implementing nationwide financial literacy programs to empower individuals with the knowledge and skills for informed financial decisions. It advocates tailored educational initiatives for different demographics and age groups.

Additionally, the report encourages financial institutions to innovate and develop inclusive, customer-centric financial products. These products should address diverse needs, including microfinance, microinsurance, and specialized solutions for women and marginalized communities.

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