Almost 30 percent of employed Ghanaians are increasingly relying on gambling and betting to manage everyday expenses and repay debts, despite indications that incomes are improving and financial pressures are gradually easing.
This was revealed in the latest Old Mutual Financial Wellness Monitor, which highlights both signs of economic recovery and continued financial uncertainty among workers in Ghana.
According to the report, 37 percent of respondents stated that they now earn more than they did a year ago, compared to 22 percent recorded in 2023. However, many households are still facing financial difficulties.
The study found that 39 percent of Ghanaians fear losing their source of income, while 53 percent said they could exhaust their savings in less than three months if they were to lose their jobs or main income streams.
The report suggests that although economic conditions and consumer confidence are improving, a significant number of households still lack enough financial security to survive unexpected economic challenges.
As a result, more people are seeking additional sources of income through side businesses and freelance work to reduce the impact of income instability.
The survey noted that 27 percent of working Ghanaians now earn money outside their primary jobs, an increase from 21 percent in 2024.
Young people are driving this trend, with 32 percent of Ghanaians between the ages of 20 and 29 reporting extra income streams, mainly due to limited employment opportunities and growing financial responsibilities.