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The 2024 Financial Services Monitor published by Old Mutual has revealed a striking financial reality—38% of Ghanaians depend on family and friends, both locally and abroad, to supplement their monthly income. This means that nearly 4 in 10 Ghanaians rely on external support just to stay afloat.
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The report, which seeks to provide a deeper understanding of the working Ghanaian market, delves into financial attitudes, perceptions, and overall behaviours within both the formal and informal sectors.
Speaking on the findings, Vuyokazi Madube, Group Head of Knowledge and Insights at Old Mutual Ghana, highlighted how financial interdependence has become a survival strategy.
"People are very much interconnected in managing their finances in tough times. They are leaning on family and friends for support. 38% of people receive money from their friends and family every single month to make ends meet," she noted.
Beyond dependency on family support, borrowing has also become more prevalent among Ghanaians. Madube pointed out that while many are still making efforts to save, the harsh economic climate has driven an increase in both formal and informal borrowing.
"Borrowing behaviour is on the rise. People are taking more loans, both formal and informal. And also, savings remain a priority for more people. They are still trying to save towards their futures, children, and education, and also to buy homes. Saving is still an important thing for Ghanaians, but it is obviously a tough time for them," she added.
The report sheds light on the financial struggles of the average Ghanaian, underscoring the delicate balance between income, debt, and survival in today’s economic landscape.
As of 1st March 2025, Ghana’s minimum wage stands at 19.97 Ghanaian cedis (GHS) per day, amounting to 538.59 GHS per month, based on a 27-day work schedule. While this represents an increase, many workers argue that it remains insufficient given the rising cost of living.
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Essentials such as rent, food, and utilities continue to soar, with a bag of rice costing nearly GHS 500 and monthly rent in Accra ranging from GHS 300 to over GHS 1,000. For minimum-wage earners, affording basic necessities remains a challenge, sparking ongoing debates about the need for a living wage rather than just a statutory minimum. Small businesses, on the other hand, face difficulties adjusting to wage increases, often leading to higher prices or workforce reductions. As inflation persists, labour unions and advocacy groups continue to push for government interventions such as subsidies on essential goods and affordable housing initiatives to ease financial pressures on low-income earners.