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

• Posted on March 13, 2025March 13, 2025
• by Nana Kwesi Coomson
• Comment

The 2024 Financial Services Monitor published by Old Mutual has revealed that 38 percent of Ghanaians rely on family and friends for financial support, either locally or abroad to complement their monthly income.

By this, every four out of ten people depend on family and friends to sustain themselves financially.

The desire to help and lend money, the report identified is due to the Ghanaian value system of family ties and trust to unite known as “biako ye”.

On sources of borrowing, the report showed that 23 percent of Ghanaians take loans from family or friends while 15 percent take loans from Susu. 13 percent take loans from financial institutions.

According to the report, borrowing increased in 2024 relative to 2023. In addition more Ghanaians borrowed money from trusted sources.

“Only 22 percent of Ghanaians are very confident in the Ghana economy up from 17 percent in 2023, while 80 percent believe that their financial situation will improve in the next six months”, the report said.

Interestingly the report revealed that 18 percent of Ghanaians in 2024 were significantly less inclined to dip into their savings to make ends meet, relative to 61 percent 2023 — showing a decline in the number of Ghanaians who resort to their savings for short term spending.

Speaking on the purpose of the report, Group Head of Knowledge & Insights at Old Mutual Ghana Vuyokazi Madude explained that the key objective of the Old Mutual Financial Services Monitor is to provide a deep understanding of the working Ghanaian market, uncovering financial attitudes, perceptions, and behaviour in the informal and formal sectors.

She said apart from enhancing financial inclusion, the objective of the Old Mutual’s Financial Services Monitor is to support Old Mutual’s drive to champion the financial well-being of Ghanaians.