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

The 2024 Financial Services Monitor from Old Mutual shows that 38 percent of Ghanaians rely on family and friends for financial support. This support comes from both local and international sources.

This means that four out of ten people depend on loved ones for their finances. The report highlights the Ghanaian value system, which emphasizes family ties and trust, known as “biako ye.”

Regarding borrowing, 23 percent of Ghanaians take loans from family or friends. Additionally, 15 percent borrow from Susu, while 13 percent use financial institutions. Borrowing has increased in 2024 compared to 2023.

More Ghanaians are turning to trusted sources for loans. Only 22 percent feel very confident in the Ghanaian economy, up from 17 percent in 2023. However, 80 percent believe their financial situation will improve in the next six months.

Interestingly, only 18 percent of Ghanaians plan to use savings to meet expenses in 2024. This is a significant drop from the 61 percent who did so in 2023.

Vuyokazi Madude, Group Head of Knowledge & Insights at Old Mutual Ghana, explained the report's purpose. It aims to understand the working Ghanaian market better. The report uncovers financial attitudes and behaviors in both informal and formal sectors.

Madude added that enhancing financial inclusion is a key goal. The Financial Services Monitor also supports Old Mutual’s mission to promote the financial well-being of Ghanaians.