Analysis of Ghana ’s National Financial Inclusion and Development Strategy: Lessons Learned

AbstractThis paper explores the role of Ghana ’s National Financial Inclusion and Development Strategy (NFIDS) in fostering a robust regulatory and policy environment to enhance financial inclusion. The paper applies Ginsberg and Miller-Cribbs’ (2005) policy analysis framework to the analysis of financial inclusion. We found that Ghana ’s implementation of various financial infrastructures and initiatives, including interoperable retail payment and QR code systems, have facilitated the digitalization of financial services. These changes have contributed to an increase in mobile money account holders, mobile microinsurance, and m obile lending services. However, the findings revealed (a) a lack of evidence of the policy’s impact on the disparity in access to financial services in some regions and demographics, (b) insufficient progress tracking of the financial service agenda as aimed in the policy, and (c) ambiguity in th e funding of the NFIDS implementation. Other challenges to the policy include high rates of financial illiteracy, cybercrimes and fraud, unstable internet connectivity, high-interest rate, high charges of mobile and digital services, and lack of confidence in the legal system to seek redress. Overal l, Ghana has made significant progress in promoting financial inclusion on the African continent. Policy and practical implications of the findings are discussed.
Source: Global Social Welfare - Category: International Medicine & Public Health Source Type: research