Only 32.2 per cent of salaried workers in Ghana can save money. This finding comes from a new study detailing the financial struggles of many employees.
The research, conducted by Prof Smart Sarpong of Kumasi Technical University, links this low savings rate to insufficient salaries. Workers, especially in the private sector, are reportedly the most poorly paid. A large majority, 67.8 per cent, find their spending is more than their earnings. This leaves them with nothing left over to save.
This situation fits into a larger economic picture for Ghana. Many workers earn very little each month. The report found that 95 per cent of workers earn less than GHS 5,000 monthly. Over 36 per cent earn less than GHS 1,000. Public sector employees generally earn more than those in the private sector. For example, only 6.6 per cent of public sector workers earn below GHS 1,000. But 15.8 per cent of private sector workers face this low income.
The report also highlighted concerns about the cost of living. In early 2026, only 14.4 per cent of Ghanaians thought the cost of living was low. This is a big drop from 68.8 per cent in 2025. Many people report that prices for essentials like electricity, public transport, and mobile services are increasing. This makes it even harder for people to save.
According to the National Cost of Living Outlook Report, 4,155 households were surveyed. This survey covered 2,350 communities across eight regions. The study focused on areas like the Ashanti, Western, and Northern regions. Prof Smart Sarpong explained that inadequate salaries are the main barrier to savings for many. The report's findings underscore the pressure of daily expenses on Ghanaian workers.
The implications of these findings are significant for policy. Government and businesses may need to explore ways to improve wage levels. Strategies to address the rising cost of living could also help. Workers struggling to save may face long-term financial insecurity. This could impact future economic stability for many households. Decision-makers will likely consider these findings when forming economic policies.