Ghanaians prioritize savings as economic challenges persist – Report

The 2024 Old Mutual Financial Services Monitor reveals a major shift toward savings and financial discipline among Ghanaians. Only 18% of working individuals dipped into their savings in 2024, down from 61% in 2023, indicating a stronger focus on financial security.

Informal savings remain popular, with 37% using Susu, 28% keeping unbanked cash, and 46% relying on mobile money wallets for savings.

However, retirement savings remain low, with just 33% actively saving for retirement, as many prioritize business investments, education, and emergencies.

With 25% of household income now allocated to savings, experts urge Ghanaians to explore pension schemes and fixed deposits for long-term security.