Ghanaians prioritise savings as economic challenges persist – Report
Amid economic uncertainties and rising financial stress, Ghanaians are shifting their focus towards savings and long-term financial security.
The 2024 Old Mutual Financial Services Monitor has revealed a significant decline in the number of people dipping into their savings to cover shortfalls, signaling a growing emphasis on financial discipline.
According to the report, only 18% of working Ghanaians used their savings to make ends meet in 2024, a sharp decline from 61% in 2023. This change suggests that more individuals are prioritizing savings preservation and seeking alternative ways to manage financial pressures.
The report also highlights the continued popularity of informal savings mechanisms. Around 37% of working Ghanaians belong to a Susu, while 28% keep unbanked cash as a readily accessible safety net. Additionally, mobile money remains a crucial financial tool, with 46% of Ghanaians using mobile wallets for savings purposes.
Despite the positive shift in savings behavior, the report exposes a concerning trend—low participation in retirement savings. Only 33% of Ghanaians are actively saving for retirement, with many prioritizing short-term needs such as business investments, children’s education, and emergency funds.
With 25% of household income now allocated to savings, financial analysts believe this shift could mark the beginning of a more financially stable future for Ghanaians.
Experts are encouraging individuals to explore more structured investment options, including pension schemes and fixed deposits, to maximize their savings potential.
As the economic landscape remains uncertain, one thing is clear—Ghanaians are becoming more intentional about their financial well-being, taking small but meaningful steps toward securing their future.
