Citi Business Festival: National savings culture key to economic growth – Doris Ahiati

Financial Consultant and Executive Coach Doris Ahiati emphasizes the need for a national savings culture in Ghana. She believes this is vital for the country's long-term economic development.

Ahiati spoke during Savings 101 at the Citi Business Festival on Citi FM. She linked Ghana's low savings rate to high consumption habits. This trend, she noted, hinders both personal and national financial progress.

“Research shows we have a low savings habit,” she stated. “This means we have a very high propensity to consume.” Ahiati explained that even small savings can shift mindsets over time.

She encouraged people to save a portion of their earnings, no matter how small. “If you earn a Cedi, put aside a pesewa for savings,” she advised. Ahiati stressed that consistent saving could reduce Ghana’s reliance on external financial support.

“If we develop this habit as a country, it will lessen our need for Eurobond borrowing,” she said. She added that individuals and institutions must embrace saving practices to foster growth.

Ahiati discussed the psychology behind forming habits. Developing a savings culture requires consistency and effort, she noted. “When you do something repeatedly for at least 21 days, neural pathways form,” she explained.

She mentioned that missing your routine can feel unsettling after establishing it. Human behavior is driven by habits, making change challenging but possible.

“To break away from not saving, replace it with intentional actions,” Ahiati suggested. She concluded that building a national savings culture starts with individual choices toward financial responsibility.

The 2025 Citi Business Festival partners with Absa and MTN and is sponsored by Zonda Tec Ghana Ltd. It is powered by Channel One TV and Citi 97.3 FM.