The 2024 Financial Services Monitor revealed by Previous Mutual has revealed a hanging monetary actuality—38% of Ghanaians depend upon household and mates, each regionally and overseas, to complement their month-to-month revenue. Which means practically 4 in 10 Ghanaians depend on exterior help simply to remain afloat.
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The report, which seeks to offer a deeper understanding of the working Ghanaian market, delves into monetary attitudes, perceptions, and total behaviours inside each the formal and casual sectors.
Talking on the findings, Vuyokazi Madube, Group Head of Information and Insights at Previous Mutual Ghana, highlighted how monetary interdependence has change into a survival technique.
“Persons are very a lot interconnected in managing their funds in powerful occasions. They’re leaning on household and mates for help. 38% of individuals obtain cash from their family and friends each single month to make ends meet,” she famous.
Past dependency on household help, borrowing has additionally change into extra prevalent amongst Ghanaians. Madube identified that whereas many are nonetheless making efforts to save lots of, the tough financial local weather has pushed a rise in each formal and casual borrowing.
“Borrowing behaviour is on the rise. Persons are taking extra loans, each formal and casual. And likewise, financial savings stay a precedence for extra individuals. They’re nonetheless attempting to save lots of in the direction of their futures, kids, and training, and in addition to purchase properties. Saving continues to be an necessary factor for Ghanaians, however it’s clearly a troublesome time for them,” she added.
The report sheds mild on the monetary struggles of the common Ghanaian, underscoring the fragile steadiness between revenue, debt, and survival in right this moment’s financial panorama.
As of 1st March 2025, Ghana’s minimal wage stands at 19.97 Ghanaian cedis (GHS) per day, amounting to 538.59 GHS monthly, primarily based on a 27-day work schedule. Whereas this represents a rise, many staff argue that it stays inadequate given the rising price of dwelling.
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Necessities reminiscent of lease, meals, and utilities proceed to soar, with a bag of rice costing practically GHS 500 and month-to-month lease in Accra starting from GHS 300 to over GHS 1,000. For minimum-wage earners, affording primary requirements stays a problem, sparking ongoing debates in regards to the want for a dwelling wage fairly than only a statutory minimal. Small companies, however, face difficulties adjusting to wage will increase, usually resulting in greater costs or workforce reductions. As inflation persists, labour unions and advocacy teams proceed to push for presidency interventions reminiscent of subsidies on important items and reasonably priced housing initiatives to ease monetary pressures on low-income earners.
