- 38% of Ghanaians rely on family and friends for money each month
- 22% of Ghanaians trust the economy, and 80% expect their finances to improve
- More Ghanaians borrowed money in 2024 from trusted sources
The 2024 Financial Services Monitor report from Old Mutual reveals that 38% of Ghanaians depend on family and friends, either locally or abroad, to supplement their monthly income. This means that four out of every ten people rely on their close connections for financial support.
The report highlights that this reliance is rooted in Ghana’s strong family values and trust, referred to as “biako ye,” which encourages lending and helping one another.
Regarding borrowing, the report shows that 23% of Ghanaians borrow from family or friends, 15% borrow from Susu, and 13% take loans from financial institutions.
The report also notes an increase in borrowing in 2024 compared to 2023, with more Ghanaians borrowing from trusted sources. It adds that only 22% of Ghanaians are very confident in the country’s economy, up from 17% in 2023, while 80% believe their financial situation will improve within the next six months.
Interestingly, the report finds that 18% of Ghanaians in 2024 were much less likely to dip into their savings to cover short-term expenses, compared to 61% in 2023, showing a decline in the number of people using their savings for immediate needs.
Vuyokazi Madude, the Group Head of Knowledge & Insights at Old Mutual Ghana, explained that the purpose of the report is to offer a deep understanding of the Ghanaian market, revealing financial attitudes, behaviors, and perceptions in both formal and informal sectors. She added that the report aims to enhance financial inclusion and support Old Mutual’s mission to improve the financial well-being of Ghanaians.
