The bank is collaborating with the Ministry of Finance to help with the implementation.
The Bank of Ghana is looking to persuade investors with this new strategy
The Bank of Ghana says it will implement a new national financial development and improvement strategy aimed at improving access to financial various services in the country.
The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi revealed the strategy while speaking at the ‘World Meets in Ghana Investors’ Forum’ held in Kumasi.
The programme sought to create awareness about the numerous business potentials in Ghana and also showcase Ghana to the world as the most attractive investment destination in Africa, and was held under the theme ‘Ghana, a promising investment destination in Africa’.
According to her, the move is expected to improve access to financial services from the current 53 per cent to 75 per cent by 2021.
This development will require investors coming on board and providing more access to everyone who needs access to financial services, and in particular more access to loans, savings products among others.
The meeting which featured top businessmen from across the globe on a single platform, the BoG deputy boss called for more investment in the financial sector.
Recently, the BoG enacted a Payment System and Services Act which provides opportunities for investors to get involved and provide innovative financial products.
Madam Elsi hence noted that the new strategy together with the Payment System and Services Act will make payment systems more efficient as it really embraces the notion of electronic financial services and more access to these financial services through the use of mobile phones and other electronic payment platforms.
“This is more in tune with the changing nature of business and the way business is conducted across industries,” she said.
She emphasised on the opportunities for investors in the financial sector and then assured that the central bank will do everything within its mandate to protect such investments.
“The Bank of Ghana will continue to remain vigilant to all forms of risks and vulnerabilities in the economy at large as well as the financial systems, and will take appropriate actions to ensure that these risks do not materialise; or if they do, the impacts are low on the economy and the financial system and investment,” the Deputy Governor said.
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