Encourage women to actively use accounts for financial inclusion - Dep BoG Governor

The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has emphasized the importance of promoting Gender Inclusive Finance to boost women's involvement in Ghana's financial landscape.

In her view, it’s not just about encouraging women to open bank accounts; the focus should also be on supporting them to actively use these accounts to expand their businesses. 

The gender gap in financial inclusion remains a concern, though it has narrowed from 9% in 2011 to 6% today. As women become more economically engaged, the potential benefits for the banking sector are becoming more evident, though there are still challenges to fully realizing this untapped potential.

In a conversation with the Alliance for Financial Inclusion (AFI), Mrs Awadzi highlighted the need for targeted financial policies that make it easier for women to access affordable loans through their financial accounts.

She noted that while significant strides have been made in helping women open accounts, there’s now a need to encourage effective use of these accounts, whether through traditional banking, electronic wallets, or mobile wallets. "We want more women saving, establishing credit histories, and securing loans to expand their businesses, allowing them to play a larger role in our economy,” she explained.

Mrs. Awadzi further added that a variety of financial products and services are available that could benefit women, their families, and their communities. However, the priority should be on empowering women to use these resources effectively to grow their businesses. She pointed out that adopting these financial tools can also help women become more resilient to crises, such as climate disruptions and health pandemics.

She expressed optimism about the recent introduction of the Alliance for Financial Inclusion’s Gender Inclusive Policy Model, describing it as a valuable framework for regulators and policymakers aiming to advance women’s financial inclusion and reduce the gender gap.