Mahama, Queen Máxima discuss digital financial services, future of susu system

President John Dramani Mahama has discussed plans to expand digital financial services and improve access to affordable credit and insurance with Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health.

The discussions took place when the President received Queen Máxima at the Jubilee House in Accra on Thursday, November 5, as part of her official visit to Ghana.

President Mahama outlined government initiatives to improve digital connectivity, including plans to upgrade telecommunications infrastructure from 2G to 4G, particularly in rural communities, to improve internet access.

He also disclosed plans to introduce a digital wallet linked to Ghana’s national identification system to make it easier for citizens to access digital services and conduct financial transactions.

The meeting explored ways to deepen financial inclusion, particularly among women, young people, farmers and small and medium-sized enterprises (SMEs).

President Mahama also highlighted the role of traditional informal savings arrangements, especially the susu system, in helping individuals pool resources and provide financial support to members in turns.

He acknowledged that the growth of mobile money services had affected the traditional savings system, while taxes on mobile money transactions had also encouraged some users to return to cash transactions.

He agreed with Queen Máxima on the need to reduce the cost of digital transactions and develop innovative ways of digitising traditional savings arrangements without losing their social and communal benefits.

Queen Máxima, who recalled her previous visit to Ghana about 25 years ago as a princess, said the country was well positioned to advance its financial health agenda through stronger public-private partnerships and the effective use of digital technology.

She also highlighted her engagements with women traders at the Makola Market and women in agriculture, noting the importance of understanding their financial circumstances and the challenges they face in accessing appropriate financial products.

The Queen said her interactions with women farmers, including seeing them operate agricultural machinery such as tractors, reinforced the need to improve access to financing, insurance and other support services to boost productivity and strengthen livelihoods.

She expressed appreciation to President Mahama for his support and leadership, and pledged to support Ghana’s efforts through international partnerships and technical expertise.

The meeting was attended by the Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, and his deputy, James Gyakye Quayson.

Both Ghana and the Netherlands reaffirmed their commitment to strengthening cooperation to improve financial health and expand access to affordable and appropriate financial services, particularly for women, farmers, young people and SMEs.