Ghana must move beyond expanding access to financial services and focus on improving the financial well-being of its citizens if it is to achieve sustainable economic growth, that’s according to Head of FinTech and Innovation at the Bank of Ghana (BoG), Elhanan Owureku Asare.

Speaking on the Ecobank Joy Business Financial Inclusion Dialogue, Mr. Asare noted that while the country has made significant progress in increasing access to payments and financial accounts, the availability of products that provide long-term financial security has not kept pace.

He said services such as savings, responsible credit, insurance, and pensions remain inaccessible to many Ghanaians, particularly women, people in the informal sector, rural communities, persons with disabilities, and micro, small, and medium-sized enterprises (MSMEs).

"A financial system that reaches the majority but leaves the most vulnerable behind cannot yet call itself fully inclusive," he stated.

Mr. Asare emphasized that Ghana's financial sector must transition from simply promoting financial inclusion to advancing financial health, where individuals and businesses are equipped with the tools to build resilience and long-term wealth.

According to him, strengthening financial health is not only a social objective but also an economic imperative, as economies grow stronger when savings are transformed into productive investments that support businesses and create jobs.

He explained that a financial system that mobilizes savings without effectively channeling them into productive investments weakens economic growth and reduces the effectiveness of monetary policy.

Mr. Asare further underscored the role of fintech and innovation in bridging the remaining financial inclusion gap, saying digital financial solutions must be designed to serve underserved populations rather than only expanding transaction volumes.

He called for greater collaboration among regulators, financial institutions, fintech companies, and policymakers to develop inclusive financial products that improve access to savings, credit, insurance, and pensions for all segments of society.

Mr. Asare concluded that achieving true financial inclusion requires ensuring that no vulnerable group is left behind and that financial services contribute meaningfully to improving livelihoods and supporting Ghana's long-term economic development.