Queen of Netherlands Urges Ghana to Prioritise Long-Term Financial Development

Queen Máxima, the Queen of Netherlands and UN Secretary-General's Special Advocate for Financial Health, has urged Ghana to prioritise the development of long-term financial systems to sustain growth and strengthen economic resilience. She made this statement during a roundtable meeting on financial health at the Bank Square in Accra. The meeting brought together senior executives of banks, electronic money issuers, payment service providers, insurance companies, pension providers, regulatory institutions, and development partners.

Queen Máxima noted that recent fiscal and banking sector reforms had positioned Ghana to address longer-term development needs, particularly in pension schemes, insurance, and long-term savings. She emphasised that expanding access to such financial services would help households prepare for retirement, withstand unexpected financial shocks, and mobilise domestic resources for productive investments. This, she believes, would help achieve long-term financial goals and build confidence in managing household finances.

The roundtable meeting provided a platform for stakeholders to review Ghana's progress in financial inclusion and digital finance, as well as identify policy and regulatory priorities for improving the financial health of households, workers, and small businesses. Discussions focused on how financial health could be measured and strengthened through innovation in savings, responsible lending, insurance, pension schemes, and investment opportunities. Participants also examined the role of employers and the workplace in promoting employees' financial well-being.

Queen Máxima stated that financial inclusion should not be measured solely by the number of people with access to bank accounts and other financial services, but by the extent to which those services improved their financial well-being. She mentioned key pillars of financial health as the ability to manage day-to-day finances, withstand unexpected financial shocks, achieve long-term financial goals, and build confidence in managing household finances. Financial institutions, she emphasised, must develop products that support regular savings, emergency funds, insurance coverage, retirement planning, and access to investment opportunities.

Queen Máxima also noted that Ghana had considerable room to expand its insurance and pension markets, with insurance penetration remaining relatively low at about three per cent of GDP. She urged banks and other financial institutions to move away from offering financial products in isolation and adopt a more coordinated approach that placed customers' long-term financial needs at the centre of product development. This approach, she believes, would help address the country's long-term financial needs.

Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, said the next phase of the country's financial sector development must focus on translating increased access to financial services into improved financial health for households and businesses. He emphasised that leveraging technology, data, and innovation to address barriers to credit would help close the financing gap and ensure that viable businesses accessed funding on fair and sustainable terms.

The visit by Queen Máxima formed part of her efforts to promote financial health and inclusion in various countries. Her meeting with Dr Asiama and other stakeholders demonstrated the importance of collaboration between governments, financial institutions, and development partners in promoting financial health and stability in Ghana. The country's progress in financial inclusion and digital finance would require continued efforts from all stakeholders to achieve sustainable financial development.

Key points

• Queen Máxima urges Ghana to prioritise long-term financial development to sustain growth and strengthen economic resilience.
• The country needs to expand its insurance and pension markets to achieve long-term financial goals.
• Financial institutions must develop products that support regular savings, emergency funds, insurance coverage, retirement planning, and access to investment opportunities.