Ghana’s expanding access to financial services is yet to translate into lasting financial security for many households and small businesses, raising questions about whether existing financial products are adequately supporting wealth creation and business growth.
Although approximately 81% of Ghanaian adults had an account with a financial institution or mobile money provider in 2024, only 22% of adults were considered financially healthy, according to the 2021 FinScope Survey.
The disparity highlights a growing policy and commercial challenge for Ghana’s financial sector: moving beyond account ownership towards helping individuals save consistently, manage financial shocks, access suitable credit and build sustainable businesses.
This gap featured prominently during an engagement between Queen Máxima, the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), and six Ghanaian microentrepreneurs in Accra on November 3.
Facilitated by Opportunity International Savings and Loans Limited (OISL), the engagement provided an opportunity for entrepreneurs from different business sectors to share their experiences with savings, investments, borrowing and the financial pressures associated with running small businesses.
Their experiences illustrated how access to appropriate financial services can influence business expansion while also determining a household’s ability to meet everyday obligations.
One example was Patience Mensah, a shop owner and member of an OISL Faith Group, who has expanded her business into food supply after accessing capital through the financial institution.
The expansion has helped her attract more customers and create additional opportunities for her family, although she continues to balance business financing needs with the everyday responsibilities of raising three children.
Her experience reflects the financial balancing act facing many microentrepreneurs, who must allocate limited resources between business operations, household expenses, savings and future investments.
For small businesses, the challenge is not simply obtaining loans but accessing financial products that accommodate irregular cash flows and allow entrepreneurs to grow without exposing their households to excessive financial pressure.
Chief Executive Officer of OISL, Ernest Yerekuu, said the institution remained committed to developing innovative, client-centred financial solutions that respond to the changing needs of customers and their communities.
Interim Project Director for Opportunity International Ghana, Dr William Derban, said financial inclusion was an important starting point, but lasting financial health required households to develop the capacity to meet their needs and withstand unexpected financial difficulties.
He said financial security would allow entrepreneurs to move beyond immediate survival concerns and invest in the future of their businesses and families.
Opportunity International’s approach in Ghana combines OISL’s financial products, including community-based Susu savings services, with financial literacy programmes, community savings groups and Farmer Support Agents operated by its local nonprofit partner, Opportunity International Ghana.
The model seeks to address some of the limitations of conventional financial services by combining access to capital with financial education and ongoing support.
Across 18 countries, the organisation operates through a network of financial institutions and nonprofit partners, using capital, training and technology to expand financial inclusion and support sustainable livelihoods.
The wider implications extend beyond individual entrepreneurs. Stronger financial health among micro and small businesses could improve business survival, support employment, strengthen household consumption and increase the capacity of local enterprises to participate in the formal economy.
Queen Máxima’s engagement formed part of her official visit to Ghana, which focused on advancing financial health through discussions with financial institutions, policymakers, businesses and communities.
For Ghana’s financial services industry, the emerging priority is increasingly about the quality and practical value of financial access. The ability of banks, savings and loans companies and mobile money providers to help customers build financial resilience could become an important measure of the sector’s contribution to economic development.
