President Mahama discusses financial health reforms with UN Special Advocate Queen Máxima
President John Dramani Mahama has held discussions with Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), on key reforms to strengthen financial health and expand access to affordable financial services in Ghana.
The meeting focused on developing tailored financial solutions for underserved groups, particularly women, informal sector workers and smallholder farmers, while exploring measures to help households manage everyday expenses, build savings and withstand unexpected financial shocks.
Among the key issues discussed were digital financial innovation, data sharing among financial service providers, long-term savings and pension arrangements for informal sector workers, most of whom lack access to pension schemes.
The discussions also highlighted the need for stronger consumer protection against financial fraud and scams, simpler mechanisms for resolving customer complaints and the development of financial products that enable individuals to save and insure against unforeseen circumstances.
Queen Máxima said Ghana could build on its economic recovery to accelerate a national financial health agenda that would help families meet their daily needs, cope with unexpected challenges, invest for the future and achieve greater financial security.
She urged the government to make financial health a central component of Ghana’s next National Financial Inclusion and Development Strategy, supported by clear targets and regular surveys to measure progress.
“What is the whole purpose of financial services? It is to improve people’s livelihoods. You have also done the huge work on bringing price stability. And of course, with fiscal stability, banks will be confident and invest in the real economy with flexible terms. So, the issue is how do we intentionally look into financial health,” she said.
Drawing on her financial health advocacy work in the Netherlands and an engagement with employees at HPW’s dried-fruit processing facility in Adeiso, Queen Máxima also stressed the importance of employers in improving the financial well-being of workers.
She observed that financial stress could negatively affect employees’ health, concentration and productivity, making financial wellness an important consideration for businesses.
President Mahama, on his part, outlined government’s plans to improve women’s access to finance through the establishment of a Women’s Development Bank.
The proposed bank is expected to provide capital and guarantee mechanisms to support women-owned businesses, expand their operations and improve their incomes.
He also highlighted efforts to make mortgage financing more affordable and deepen digital financial inclusion by ensuring that every Ghanaian captured in the National Identification database has a digital wallet linked to their card.
The President further pointed to plans to upgrade rural telephony infrastructure to 4G to improve connectivity and give more people, particularly those in underserved communities, access to the digital economy.
According to the World Bank’s Global Findex 2025 report, 81 per cent of adults in Ghana had a financial account in 2024, a significant increase from 29 per cent in 2011.
However, the report indicates that approximately one in three adults bought groceries on credit or deferred payment during the preceding year, underscoring the financial pressures confronting many households.
The engagement therefore emphasised the need to move beyond simply expanding access to financial accounts towards ensuring that financial services genuinely improve livelihoods, strengthen household resilience and provide Ghanaians with greater confidence and security in managing their finances.
