The Deputy Minister of Gender, Children, and Social Protection, Mrs. Francisca Oteng Mensah, has acknowledged that financial inclusion is the only tool to cause change, empower society, and pave the way for breaking the cycle of poverty in Ghana.
According to the minister, financial inclusion is not merely an economic imperative but a fundamental right that must be safeguarded to ensure inclusivity.
Speaking at the second day of 2023 Gender Summit which is under the theme, “Sustainable Social Protection Financing: A Key to Financial Inclusion for the Vulnerable,” said the ministry has over the years championed the rights of women and children.
“Through this initiative, the ministry has recorded positive impacts on the lives of many, but we recognize that there is still much work to be done,” she stated
Mrs. Mensah said financial inclusion is not just a catchphrase; it is rather a transformative force that empowers individuals and communities.
The minister said, this year’s theme revolves around the interconnectedness of sustainable social protection financing and financial inclusion by ensuring that the vulnerable have access to financial services,
“We are not only providing economic support but also fostering dignity, independence, and resilience,” she added.
She noted that social protection financing acts as a bridge, allowing the most marginalized members of society to access opportunities and contribute meaningfully to their communities., adding that the ministry is committed to exploring innovative financing mechanisms that go beyond traditional models.
This, she said includes leveraging technology, and partnerships and creating funding strategies to ensure the sustainability of social protection programs.
“Recognizing the unique needs of the vulnerable, we are working to create and promote financial products that are tailored to their circumstances by collaborating with financial institutions to design inclusive and accessible services.”
The minister agreed that financial inclusion is not just only about access but also knowledge and empowerment so let the discussions focus on innovative solutions, collaborative partnerships, and actionable strategies to achieve results,
She revealed that the vulnerable in society are not passive recipients of aid but are dynamic individuals with potential, and “it is our duty to unlock that potential through inclusive and sustainable social protection financing.”
“I am confident that the collective efforts will pave the way for a future where financial inclusion is not just an aspiration but a reality for every member of society. let us build a legacy of empowerment, resilience, and inclusivity, she stated.
On his part, the Head of the Livelihood Empowerment Programme (LEAP), Dr. Myles Ongoh said the most important tool in all Social Protection programmes revolves around funding so the ministry is keen on engaging all partners and collaborators to ensure that funding is secure to run all programmes.
This conversation is about beyond what the government has in terms of budgetary allocations and the like, there is dedicated funding for all programmes.
The summit is looking at how can the ministry make money outside government budgetary allocations and the focus was to make an effort such as taking a percentage of let’s say 2% or more from oil, gold, timber or cocoa to fund all social protection programmes.
On the issue of the school feeding, LEAP and other programmes, he said the strategy is going forward to lobby philanthropists and donor partners to ensure its sustainability.
