President John Dramani Mahama has called for sweeping reforms to Ghana’s financial sector, emphasizing that economic progress hinges on dismantling barriers to credit and banking services for marginalized groups.
Speaking at the 2025 Kwahu Business Forum in Mpraeso, Mahama outlined a vision to transform the nation’s financial ecosystem, targeting support for small-scale traders, women-led enterprises, and manufacturers seeking global market access.
“An economy cannot grow resilient, inclusive, or productive if finance remains a privilege reserved for a select few,” Mahama told attendees, including entrepreneurs, investors, and banking representatives. His remarks spotlight persistent challenges faced by small and medium enterprises (SMEs), which grapple with exorbitant loan rates and exclusion from formal credit systems, stifling innovation in agriculture, technology, and manufacturing.
The proposed reforms include expanding low-cost financing through public institutions like the Ghana Development Bank and establishing a Women Development Bank to address gender gaps in capital access. A national venture capital fund aimed at youth and women entrepreneurs is also planned, alongside credit system reforms to lower interest rates and boost financial literacy. Mahama stressed a shift toward “productive investments that generate jobs, not speculative trading or excessive government borrowing.”
Infrastructure upgrades digital, physical, and institutional were cited as critical to reducing bureaucratic delays and enhancing transparency. The administration seeks partnerships with fintech firms, mobile money providers, and rural banks to extend services to remote areas. “Financial inclusion isn’t just policy; it’s the bedrock of national transformation,” Mahama said, linking these efforts to a broader “24-Hour Economy” strategy prioritizing reliable power, security, and logistics to enable round-the-clock business operations.
The push comes as Ghana stabilizes macroeconomic indicators and rebuilds investor confidence post-pandemic. Mahama framed the moment as pivotal for transitioning from recovery to sustainable growth, urging stakeholders to “act boldly” in creating equitable opportunities.
Ghana’s financial inclusion efforts have seen mixed results over the past decade. While mobile money adoption has surged, World Bank data shows only 45% of adults had formal financial accounts in 2023, lagging behind regional peers like Kenya. Analysts note that successful implementation will require addressing systemic issues such as collateral requirements, bureaucratic inefficiencies, and disparities in rural access.
Similar initiatives in Senegal and Nigeria, leveraging public-private partnerships, offer potential models for scaling impact without exacerbating debt. Mahama’s plan, while ambitious, underscores a recognition that long-term stability depends on bridging the gap between macroeconomic gains and grassroots economic participation.
