Mahama Discusses Financial Security with Queen Máxima as Ghana Plans New Financial Inclusion Strategy

By: Ebenezer Adugyamfi & Emmanuel Ayiku for GhanaianNewsCanada
November 6, 2026

President John Dramani Mahama has held discussions with Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), on measures to improve the financial security of households and businesses across Ghana.

The meeting, held at the Jubilee House in Accra, focused on how Ghana can translate its progress in financial inclusion into practical improvements in the everyday financial lives of citizens, particularly women, informal sector workers and smallholder farmers.

Among the issues discussed were access to affordable credit, long-term savings and pensions, digital financial services, consumer protection against fraud and scams, and the development of financial products that can help households withstand unexpected economic difficulties.

Queen Máxima, who visited Ghana from November 2 to 5 in her United Nations capacity, urged the country to make financial health a central component of its next National Financial Inclusion and Development Strategy.

The engagement comes as Ghana seeks to strengthen its financial sector following improvements in economic stability, while addressing the difficulties many households continue to face in managing daily expenses and building financial security.

 

Mahama outlines plans for Women’s Development Bank

During the discussions, President Mahama highlighted the importance of expanding access to financing for women, particularly those operating small and medium-sized businesses.

He outlined the government’s plans to establish a Women’s Development Bank, which is expected to provide capital and guarantee mechanisms to help women-owned businesses access financing, expand operations and increase their incomes.

The proposed institution is intended to address some of the financing barriers that prevent women entrepreneurs from growing their businesses.

Access to affordable credit remains an important issue for many women in the informal economy, where business owners often depend on personal savings, informal borrowing arrangements and short-term loans to maintain their operations.

The President also discussed efforts to make mortgage financing more affordable, with the broader objective of improving access to homeownership.

However, the establishment of the proposed Women’s Development Bank will require effective implementation to ensure that its financing reaches the intended beneficiaries.

 

 

 

Digital wallets and 4G connectivity to expand financial access

President Mahama also discussed the government’s digital inclusion agenda, including plans to ensure that every Ghanaian captured in the National Identification database has a digital wallet linked to their identification card.

The initiative is expected to make it easier for citizens to access digital financial services and carry out transactions.

He further highlighted plans to upgrade rural telecommunications infrastructure to 4G, particularly in communities where limited connectivity restricts access to digital services.

Improved connectivity could help farmers, traders and other rural residents access mobile financial services without having to travel long distances to reach banking facilities.

The discussions also recognised the importance of data sharing among financial service providers, alongside stronger systems for protecting customers and resolving complaints.

Queen Máxima calls for financial health beyond bank accounts

Queen Máxima stressed that financial inclusion should not be measured only by the number of people who have bank accounts or access to mobile money.

She argued that financial services must help individuals manage their daily expenses, withstand unexpected financial shocks, invest in their future and feel more secure about their financial circumstances.

“What is the whole purpose of financial services? It is to improve people’s livelihoods,” she said.

She also acknowledged Ghana’s progress in improving price and fiscal stability, noting that a stable economic environment can encourage banks to invest in the real economy and offer more flexible financing.

Queen Máxima called for Ghana’s next National Financial Inclusion and Development Strategy to include clear financial health targets and regular surveys to measure whether policies are improving people’s financial circumstances.

She also highlighted the importance of simpler customer complaint procedures, stronger protection against fraud and scams, emergency savings, insurance and affordable long-term financial products.

 

81% of Ghanaian adults have financial accounts, but challenges remain

Data from the World Bank’s Global Findex 2025 report indicate that 81 per cent of adults in Ghana had a financial account in 2024, a significant increase from 29 per cent in 2011.

The figures demonstrate the country’s progress in expanding access to formal financial services.

However, account ownership does not necessarily mean that households are financially secure.

The same data indicate that approximately one in three adults reported buying groceries on credit or arranging to pay for them later during the preceding year.

This highlights the financial pressures that continue to affect households despite the expansion of banking and digital financial services.

The distinction between financial inclusion and financial health is therefore becoming increasingly important in Ghana’s economic policy discussions.

While financial inclusion focuses on access to financial products, financial health examines whether people can use those products effectively to manage their money, cope with emergencies and plan for the future.

Informal workers and farmers need long-term financial protection

A major concern raised during the engagement was the limited access to pension arrangements among workers in Ghana’s informal economy.

Many informal sector workers do not have employer-sponsored retirement benefits and face difficulties making consistent long-term savings contributions.

Queen Máxima emphasised the need for flexible savings and pension products that reflect the irregular income patterns of informal workers.

The discussions also drew attention to smallholder farmers, whose financial circumstances are often affected by seasonal production, unpredictable weather, changing market conditions and unexpected costs.

Financial products designed around agricultural cycles, including appropriate credit and insurance, could help farmers protect their livelihoods and invest in their businesses.

During her Ghana visit, Queen Máxima engaged with farmers and workers at HPW’s dried-fruit processing facility in Adeiso, where she discussed the relationship between financial security, workplace wellbeing and productivity.

She noted that financial stress can affect workers’ health, concentration and performance.

Queen Máxima’s Ghana visit included engagements with traders and traditional leaders

Beyond her meeting with President Mahama, Queen Máxima held engagements with several groups and institutions during her November visit.

At Makola Market in Accra, she met women traders who use financial services to manage their businesses and respond to unexpected setbacks.

She also visited Manna Mission Hospital, where discussions focused on how digital health services and improved healthcare financing can help patients manage medical expenses without exhausting their savings.

In Kumasi, she met the Asantehene, Otumfuo Osei Tutu II, and engaged traditional leaders on the role of local financial institutions in improving the financial wellbeing of communities.

Her programme also included discussions with the Bank of Ghana, financial institutions, investors and development partners.

The visit concluded with a national engagement hosted by the Ministry of Finance, where financial health was highlighted as an important priority for Ghana’s future financial inclusion strategy.

 

Turning financial inclusion into real economic security

The discussions between President Mahama and Queen Máxima highlight a growing policy question for Ghana: how can the country ensure that increased access to financial services translates into better living conditions?

For millions of households, the challenge is not simply opening a bank account or registering for mobile money. It is having enough money to meet daily expenses, access affordable financing when necessary, protect savings against unexpected difficulties and prepare for retirement.

The proposed Women’s Development Bank, digital wallet initiative, improved rural connectivity and stronger consumer protection measures could contribute to addressing some of these challenges if effectively implemented.

However, their success will depend on accessibility, affordability, public confidence and the ability to reach people who remain financially vulnerable.

For Ghana, the next stage of financial inclusion will therefore be measured not only by how many people enter the formal financial system, but also by whether they become more financially secure.