The 2023 Old Mutual Financial Services Monitor has revealed insightful trends regarding the financial behaviors of Ghanaians.
Forty-three percent of Ghanaians exhibit a low-risk inclination, preferring not to take any financial risks.
This cautious approach may be influenced by the impact of the Domestic Debt Exchange Programme on the financial sector.
In contrast, 24% are willing to take substantial financial risks in pursuit of potentially large returns, while approximately 19% are willing to take above-average risks with expectations of above-average returns.
Surprisingly, seven out of 10 working Ghanaians do not seek guidance from a financial adviser, indicating a lack of professional financial planning.
This may leave individuals vulnerable to making uninformed decisions about their finances. Additionally, forty-six percent of respondents admitted uncertainty about whom to consult regarding their finances, reflecting a need for accessible and reliable financial advice.
Regarding business ownership, slightly over half of working Ghanaians are involved in small or micro-sized businesses.
These businesses primarily rely on self-funding through profits or personal savings. Limited access to credit may hinder business growth, leading to a preference for self-reliance.
Only 11% of business owners receive funding from financial services providers, suggesting a reliance on self-funding and limited external financing options. This reliance on self-funding may be a barrier to business expansion and development in Ghana’s economy.