As Ghana’s economy grapples with rising inflation, currency depreciation, and high living costs, a significant number of Ghanaians are taking proactive steps to boost their income. According to the 2024 KPMG West Africa Banking Industry Customer Experience Survey, 36% of Ghanaians are considering increasing their workload, while 29% are looking to start businesses despite the tough economic climate.
The report highlights a growing shift in financial behavior, as individuals look for ways to navigate the rising cost of essential goods such as food, fuel, and housing. While the cedi’s continued depreciation has been a major driver of inflation, Ghana’s economy has shown signs of recovery, following the IMF bailout and debt restructuring in 2023.
Key trends from the report indicate that 36% of Ghanaians plan to increase their workload to cope with financial demands, 29% are exploring entrepreneurship, viewing business ownership as a viable path to financial independence, 6% remain hesitant about starting businesses, citing concerns about market uncertainties.
Despite inflation easing from 42% in May 2023 to 23% in November 2024, financial pressures persist, influencing spending, saving, and investment behaviors. Ghana’s GDP growth is rebounding, signaling positive economic momentum, yet household financial security remains a top concern for many.
With more individuals seeking alternative income streams, businesses and financial institutions have an opportunity to offer financial products and services tailored to entrepreneurs and side-hustlers develop microfinance and SME lending solutions to support small business growth, and enhance digital banking and payment platforms to facilitate seamless financial transactions.
As Ghanaians adjust to evolving economic conditions, companies that align their offerings with these new consumer behaviors will be better positioned to capture market opportunities in an increasingly entrepreneurial economy.
