Fourth Ghana Economic Update : Enhancing Financial Inclusion

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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Bibliographic Details
Main Author: World Bank Group
Format: Report
Language:English
Published: World Bank, Washington, DC 2019
Subjects:
ECONOMIC GROWTH
ECONOMIC OUTLOOK
MACROECONOMIC MANAGEMENT
FISCAL TRENDS
MONETARY POLICY
FINANCIAL INCLUSION
TRADE
DEBT
Online Access:http://documents.worldbank.org/curated/en/395721560318628665/Fourth-Ghana-Economic-Update-Enhancing-Financial-Inclusion-Africa-Region
http://hdl.handle.net/10986/31882
id okr-10986-31882
recordtype oai_dc
spelling okr-10986-318822021-09-16T13:51:22Z Fourth Ghana Economic Update : Enhancing Financial Inclusion World Bank Group ECONOMIC GROWTH ECONOMIC OUTLOOK MACROECONOMIC MANAGEMENT FISCAL TRENDS MONETARY POLICY FINANCIAL INCLUSION TRADE DEBT 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. 2019-06-14T16:52:22Z 2019-06-14T16:52:22Z 2019-06 Report http://documents.worldbank.org/curated/en/395721560318628665/Fourth-Ghana-Economic-Update-Enhancing-Financial-Inclusion-Africa-Region http://hdl.handle.net/10986/31882 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Africa Ghana
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ECONOMIC GROWTH
ECONOMIC OUTLOOK
MACROECONOMIC MANAGEMENT
FISCAL TRENDS
MONETARY POLICY
FINANCIAL INCLUSION
TRADE
DEBT
spellingShingle ECONOMIC GROWTH
ECONOMIC OUTLOOK
MACROECONOMIC MANAGEMENT
FISCAL TRENDS
MONETARY POLICY
FINANCIAL INCLUSION
TRADE
DEBT
World Bank Group
Fourth Ghana Economic Update : Enhancing Financial Inclusion
geographic_facet Africa
Ghana
description 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.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Fourth Ghana Economic Update : Enhancing Financial Inclusion
title_short Fourth Ghana Economic Update : Enhancing Financial Inclusion
title_full Fourth Ghana Economic Update : Enhancing Financial Inclusion
title_fullStr Fourth Ghana Economic Update : Enhancing Financial Inclusion
title_full_unstemmed Fourth Ghana Economic Update : Enhancing Financial Inclusion
title_sort fourth ghana economic update : enhancing financial inclusion
publisher World Bank, Washington, DC
publishDate 2019
url http://documents.worldbank.org/curated/en/395721560318628665/Fourth-Ghana-Economic-Update-Enhancing-Financial-Inclusion-Africa-Region
http://hdl.handle.net/10986/31882
_version_ 1764475285242118144

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