Many Ghanaians are seeking additional sources of income to navigate the challenges of stagnant wages and escalating living costs. A recent report from Old Mutual Financial Services Monitor 2024 surveyed 650 working adults earning at least GHC 1000 per month, revealing a significant shift towards informal financial support systems. The study underscores the deep-rooted sense of community and entrepreneurial spirit among Ghanaians as they adapt to economic pressures.
Nearly 38% of respondents rely on financial assistance from family and friends, both locally and abroad, highlighting the local concept of “biako ye,” where collective well-being is vital. This trend signals the ongoing struggle for many Ghanaians to balance their financial needs within a difficult economic landscape. The practice of community support is seen as an essential coping mechanism for those facing rising costs of living.
Alongside family assistance, over 20% of working individuals are engaging in poly-jobbing, a practice involving side jobs, freelancing, or after-hours work in addition to their primary employment. This number rises to approximately 31% among those earning GHC 3000 or more per month, indicating that even higher-income earners are turning to alternative income streams to make ends meet. The reliance on poly-jobbing is reshaping the workforce and highlighting a shift toward informal economic activities.
As inflation outpaces wage growth, many Ghanaians are adopting these alternative income sources not just as a temporary solution, but as a permanent financial strategy. Experts suggest that policymakers should focus on strengthening social safety nets and creating better-paying formal job opportunities. Additionally, the rise of poly-jobbing may drive innovation in the gig economy, transforming how income is earned in Ghana.
Source: citinewsroom