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Enhancing financial inclusion will reduce poverty - Dr. Opoku-Afari

Feb. 2, 2018, 7:47 a.m.

The First Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari has stated that enhancing financing inclusion is key to alleviating poverty.

According to him, such a move will also enable financial growth to improve the welfare of Ghanaians.

Dr. Opoku-Afari made the statement at the 4th IFEJ Flamingo Awards held for business and financial journalists.

He pointed out that “The drive to formalize the Ghanaian economy rests on three pillar– financial inclusion, national ID and digital addressing systems, which according to him, is aimed at enhancing financial inclusiveness”.

He stressed that financial inclusion will help expand the economy as it provides the opportunity for the informal sector to join the financial system.

This, he said will rechannel funds from those who do not have an immediate need for them to investors who require funds for their businesses.

“This will also boost savings mobilization, promote information sharing, improve resource allocation, facilitate diversification and manage risks,” he said.

Dr. Opoku-Afari remarked that financial inclusion will ultimately serve as an effective tool for job creation and poverty reduction.