World Bank Group, Queen Máxima push financial health agenda for informal-sector workers

The World Bank Group convened a high-level roundtable with Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health, and senior representatives from various sectors to discuss expanding financial opportunities for informal-sector workers. The event, held in Accra, aimed to enhance savings options, pension coverage, and access to capital markets for those in the informal sector.

The discussions focused on strengthening household financial resilience and mobilizing domestic savings for productive investment. Ghana has made strides in financial inclusion, with 81% of adults having a financial account, surpassing the Sub-Saharan African average of 58%. However, challenges persist, with only 30% of adults able to cover more than two months of expenses without their primary income source, and only 18% saving formally for retirement.

Queen Máxima stressed the necessity of integrating savings, insurance, pensions, and broader financial services to achieve greater financial security, emphasizing that emergency savings are crucial for sustaining retirement contributions. Nathalie Kouassi-Akon, IFC Division Director, noted that while financial inclusion is essential, the ultimate goal is to enable individuals to build resilience, withstand shocks, and improve their overall financial wellbeing over time.

The roundtable explored the need for financial products tailored to the irregular earnings of informal-sector workers and examined ways to connect long-term savings with insurance, emergency liquidity, and responsible credit. Participants also discussed strategies for expanding access to capital markets, particularly for informal-sector and first-time investors, to deepen Ghana's capital markets and support productive sectors.