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Business43% of Ghanaians are financially risk-averse - Report

Date:

43% of Ghanaians are financially risk-averse – Report

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.

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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.

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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.

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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.

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