SEC assures low-cost investment schemes to deepen financial inclusion

The Securities and Exchange Commission (SEC) in Ghana has pledged to bolster low-cost investment schemes and digital platforms to broaden financial inclusion, particularly for first-time and small-scale investors. Dr. James Klutse Avedzi, the Director-General of the SEC, made this commitment during the inauguration of a Technical Committee for the country's second National Financial Inclusion and Development Strategy (NFIDS) in Accra.

Dr. Avedzi affirmed the SEC's backing for initiatives aimed at constructing a more inclusive, resilient, and sustainable financial ecosystem, leaving no one behind. Despite Ghana's impressive 80% financial access, largely facilitated by digital wallets, only 22% of the population exhibits financial health. Notably, women, rural dwellers, informal sector workers, and smallholder farmers remain excluded from the formal financial system.

The SEC intends to leverage the capital market to expand investment prospects for ordinary Ghanaians and facilitate capital access for small and medium-sized enterprises (SMEs) and microfinance institutions. This will be achieved through collaboration with various financial sector entities, including the Bank of Ghana, National Insurance Commission, and National Pensions Regulatory Authority.

Furthermore, the SEC will champion investment in sustainable financial products to spur inclusive economic growth, positioning capital market operations as a developmental priority and shared national responsibility. Dr. Avedzi emphasized the SEC's commitment to enhancing investor education and financial literacy campaigns to empower Ghanaians with the requisite knowledge and confidence to make informed financial decisions.

He also vowed to fortify investor protection through robust regulatory and enforcement mechanisms, safeguarding all investors' savings and investments, especially vulnerable groups.

Representatives from the Diplomatic Corps pledged their support for Ghana's second financial inclusion strategy (2027–2031), which aims to expand access to savings, credit, insurance, and secure payment services while fostering job creation, entrepreneurship, and economic growth. Ms. Janine Walz, Deputy Swiss Ambassador to Ghana and Head of Cooperation, underscored Switzerland's dedication to supporting Ghana's endeavors to develop a robust and inclusive financial sector as a cornerstone for sustainable development.

The previous strategy, active from 2018 to 2023, achieved notable progress in enhancing access to credit, savings, payment, and insurance services for underserved groups, underpinned by reforms such as mobile money interoperability and the introduction of the Ghana Card. The upcoming strategy is expected to capitalize on these achievements, with the government prioritizing financial health to ensure that access to financial services translates into enhanced livelihoods, greater economic security, and wealth creation.