Fourth Ghana Economic Update : Enhancing Financial Inclusion
Ghana’s real gross domestic product (GDP) expanded in 2018, albeit at a slower rate than in 2017; the expansion was spurred by the mineral component of the industry sector. The government sustained its fiscal consolidation efforts in 2018 despite c...
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| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/395721560318628665/Fourth-Ghana-Economic-Update-Enhancing-Financial-Inclusion-Africa-Region http://hdl.handle.net/10986/31882 |
| Summary: | Ghana’s real gross domestic product
(GDP) expanded in 2018, albeit at a slower rate than in
2017; the expansion was spurred by the mineral component of
the industry sector. The government sustained its fiscal
consolidation efforts in 2018 despite challenges. The
current account deficit narrowed further in 2018 but
portfolio capital outflows put pressure on reserves. The
financial sector in Ghana has grown rapidly since 2010, and
with it the share of Ghanaians with access to formal
financial services, which is a measure of financial
inclusion. Despite all the challenges in building a more
financially inclusive economy, there has been a significant
growth in the number of financial access points over the
past five years. The government has facilitated
interoperability across payment instruments by establishing
a mobile money switching solution. But more can be done to
leverage innovative digital technology, as is recognized in
the government’s national financial inclusion and
development strategy (NFIDS). In support of the government’s
efforts, the financial sector analysis in this economic
update concludes with five specific recommendations for
enhancing financial inclusion in Ghana: digitize government
and utility payments; link informal channels with formal
financial services; promote agent banking; improve financial
capability; and leverage data to improve access to finance. |
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