Managing Consultant at ALC Law Consult, Sheila Minkah-Premo, has called for a shift in focus from expanding women's access to financial services to ensuring they build wealth through investments and asset ownership.

Speaking at the Young African Women Congress (YAWC) Annual Global Convocation, Mrs Minkah-Premo acknowledged Ghana's progress in expanding financial inclusion through mobile money and digital financial services but cautioned that access to financial products alone does not guarantee economic empowerment.

Referring to findings from the 2021 Global Index database, she said Ghana has made significant strides in increasing account ownership among women.

“In the 2021 Global Index database, it was found that Ghana has experienced substantial improvements in account ownership, particularly through mobile money. The rapid growth of mobile money agency banking and digital financial services enabled millions of women to access financial services that were previously beyond their reach, increasing the numbers of women now who now possess bank accounts, mobile wallets, and access to digital payment systems. And this is very encouraging,” she said on Wednesday, July 29,

Despite the gains, she stressed that financial inclusion should not be mistaken for genuine financial empowerment.

“However, financial inclusion should not be confused with financial empowerment. Owning a mobile money wallet is not the same as owning investment assets. Having a bank account is not the same as building wealth. Having access to banking service is not the same as accumulating wealth. Receiving digital payments is not the same as achieving financial independence.”

According to Ms Minkah-Premo, while financial inclusion creates opportunities, sustainable prosperity depends on ownership of productive assets and long-term wealth creation.

“Financial inclusion creates opportunity. Ownership creates prosperity.”

She argued that the next phase of women's economic empowerment must focus on equipping women with the knowledge and resources needed to transform financial access into wealth.

“So the real challenge, therefore, extends beyond opening accounts. It lies in ensuring that women possess the financial literacy, it's very important, investment knowledge, and economic opportunities necessary to convert financial access into asset ownership.”

She called for greater access to a broader range of financial products and advisory services to help women grow their wealth.

“Women require greater access not only to saving products but also to investment opportunities, pension planning, insurance, capital markets, business finance, and wealth management. They also need professionals who would advise them on what they are required to do to enable them to scale up.”

Without those interventions, she warned, the gains made in financial inclusion could fall short of delivering meaningful economic transformation.

“Without this progression, financial inclusion risks becoming an important achievement that, nevertheless, falls short of producing meaningful economic transformation.”

The Young African Women Congress Annual Global Convocation brings together women leaders, professionals, entrepreneurs and policymakers from across Africa and the diaspora to discuss leadership, economic empowerment and sustainable development.