38% of Ghanaians rely on family and friends for financial support every month – report

The 2024 Financial Services Monitor by Old Mutual reveals that 38% of Ghanaians depend on family and friends for financial support, reflecting strong family ties and trust in Ghanaian society.

On borrowing sources, 23% take loans from family or friends, 15% from Susu, and 13% from financial institutions. Borrowing has increased compared to 2023, with more people turning to trusted sources.

Confidence in the economy has slightly improved, with 22% of Ghanaians expressing optimism, up from 17% in 2023. Additionally, 80% believe their financial situation will improve within six months.

The report, aimed at enhancing financial inclusion, provides insights into Ghanaian financial behavior and seeks to support Old Mutual’s goal of promoting financial well-being.