Queen Máxima urges Ghana to turn financial access into financial health at BoG talks

Ghana must shift focus from merely tallying bank accounts and mobile money users to ensuring citizens can endure financial crises, save for the future and obtain credit to enhance their well-being, Queen Máxima of the Netherlands has implored. The Dutch monarch, who serves as the United Nations Secretary-General’s Special Advocate for Financial Health, made this appeal during a Leadership Roundtable on Financial Health hosted by the Bank of Ghana in Accra.

She emphasized that expanding financial services was merely the initial step in establishing a financially resilient society, stressing the necessity for policies and offerings that enhance individual, household, and corporate financial well-being.

Queen Máxima pointed out that Ghana had attained a significant milestone in its financial sector progress, as widespread access to banking services, mobile money, and digital payment systems has laid a robust foundation for further growth. However, she stressed that "financial access is a means to an end. Financial health is the end."

She clarified that possessing a bank account does not automatically imply financial security or improvement. To determine financial health, she highlighted four crucial aspects: managing daily finances, withstanding financial shocks, pursuing long-term financial objectives, and possessing the assurance to make prudent financial choices.

According to Queen Máxima, people require suitable financial products to navigate fluctuating incomes, cover household expenditures, save for emergencies, and prepare for unforeseen situations like illness, accidents, and climate-related disasters. She also highlighted the importance of long-term savings, pensions, mortgages, and investment opportunities in enabling individuals to accumulate assets, boost productivity, and ensure a secure retirement.

Furthermore, she underscored the significance of financial confidence, as financially secure individuals are more inclined to repay loans on schedule, maintain loyalty as customers, and perform better in their professional lives.