Financial Inclusion Driven by Digital Financial Platforms: Impact on Economic Growth in Ghana
Résumé
This study investigated the impact of financial inclusion, driven by digital financial platforms, on economic growth in Ghana between 2000 and 2023.Using secondary data from the World Development Indicators, the analysis applied Nonlinear Autoregressive Distributed Lag (NARDL) and Quantile ARDL (QARDL) models to capture both asymmetric and distributional dynamics.Existing literature affirmed the positive role of financial inclusion in development, but it often assumed linear and homogeneous effects and overlooked potential asymmetries.Despite global advances, financial exclusion remains acute in sub-Saharan Africa, where weak infrastructure, institutional inefficiencies, and structural barriers constrain access to finance.The results revealed that improvements in financial inclusion significantly enhanced economic growth by expanding savings, credit access, and productive investments, while reductions in inclusion undermined growth by restricting capital mobilisation and weakening financial intermediation.These findings highlighted the dual role of financial inclusion as both a growth enabler and a potential constraint when exclusion persists.Policy recommendations include expanding digital financial infrastructure in rural and marginalised communities, strengthening regulatory frameworks to enhance consumer protection and trust, and broadening financial literacy programmes to ensure effective utilisation of financial services.By integrating nonlinear and quantile-specific estimations, this study contributes new evidence to the fragile yet transformative role of digital finance in the development trajectory of Ghana.
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