Prof. Peter Quartey, Executive Director of ReFinD and Director of ISSER, made a compelling case for harmonizing financial inclusion data at Ghana's first Financial Inclusion Conference. The event, hosted by the Ministry of Finance on June 26-27, 2024, focused on "Accelerating Financial Inclusion in a Digital Era."
In his presentation, "Harmonizing Financial Inclusion Data: Promoting Evidence-Led Policy in Ghana," Prof. Quartey addressed the current state of financial inclusion data in Ghana. He pointed out that data is currently scattered across various entities, including regulators, government agencies, NGOs, and development partners. He also highlighted the predominance of externally-led evidence in the sector and emphasized that this fragmentation hinders comprehensive policymaking and sustainable local capacity building.
Opportunities to locally generate and harmonize data
Despite these challenges, Prof. Quartey identified several opportunities to develop a harmonized financial inclusion data architecture. He pointed to existing examples of collaborative data management at the national level, such as the National Identification system and frameworks for data protection and cybersecurity. These initiatives, he suggested, could provide valuable lessons and frameworks to inform the development of a unified approach to financial inclusion data.
He also emphasized the presence of globally competitive local research institutions in Ghana. These institutions, he argued, are well-positioned to support periodic surveys, conduct analyses, replicate studies, and disseminate findings, thereby contributing to a more sustainable and locally-driven data ecosystem for financial inclusion.
"Thorough and harmonized data is essential for determining policy gaps, understanding the different segments of the population, and establishing priorities for action," Prof. Quartey stated.
Harmonizing data has benefits
He also stressed the benefits of harmonized data, including sector-wide analysis capabilities and improved monitoring of key financial inclusion indicators.
Prof. Quartey proposed a framework for harmonization, advocating for:
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Establishing common standards and definitions
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Promoting data sharing and collaboration
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Improving data management and capacity building
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Ensuring data quality and population representativeness
"Recognizing data quality is a necessary step towards an all-inclusive and data-driven financial sector," he added.
Following Prof. Quartey's presentation, ReFinD Project Director Adadzewa Otoo moderated a panel discussion featuring financial sector regulators. This session aimed to shed light on practical approaches to harmonizing Ghana's financial inclusion data architecture, building on the framework proposed by Prof. Quartey.
The conference featured other notable speakers including Dr. Alex Ampaabeng, Deputy Minister for Finance, and Prof. George Gyan Baffuor, Chairman of the National Development Planning Commission, who delivered a keynote address on behalf of the Vice President.
The inaugural conference provided a platform for industry stakeholders to explore challenges and opportunities in financial inclusion, with a particular focus on leveraging digital innovation for meaningful change.
