Only 32% of salaried workers in Ghana are able to save due to poor pay – Study

Only 32% of salaried workers in Ghana are able to save due to poor pay – Study

New findings from a nationwide study have revealed that only 32.2 per cent of salaried workers in Ghana are able to save from their monthly income, highlighting the growing financial pressure on households.

The research, conducted by Smart Sarpong of Kumasi Technical University, identified low salaries as one of the main reasons many workers are unable to save, particularly in the private sector where wages remain relatively low.

According to the report, 67.8 per cent of workers stated that their monthly expenses are higher than their income, making it difficult for them to keep part of their earnings as savings.

The National Cost of Living Outlook Report for the first quarter of 2026 collected responses from 4,155 households across 2,350 communities in 100 constituencies within eight regions.

The regions covered in the study included Ashanti, Western, Western North, Central, Upper East, Northern, Bono, and Bono East.

The report further disclosed that nearly 95 per cent of workers earn below GH₵5,000 monthly, while more than 36 per cent receive less than GH₵1,000.

Public sector workers were found to earn relatively better salaries compared to employees in the private sector. While only 6.6 per cent of public sector workers reportedly earn below GH₵1,000 each month, the figure rises to 15.8 per cent among private sector employees.

Additionally, 58 per cent of private sector workers earn below GH₵2,000 monthly, compared to 19.7 per cent in the public sector.

At the higher end of the salary scale, only 18.1 per cent of private sector workers earn above GH₵4,000, whereas nearly 55 per cent of public sector employees fall within that income bracket.

Rising Cost of Living Continues to Affect Households

The report also highlighted growing concerns about the increasing cost of living. By the end of the first quarter of 2026, only 14.4 per cent of respondents described the cost of living as low, representing a sharp decline from the 68.8 per cent recorded in 2025.

Meanwhile, 42.8 per cent of respondents indicated that they had not noticed any major change in living conditions compared to the previous year. However, the number of people who described the cost of living as high increased by three per cent.

Electricity bills, transportation costs, mobile call credit, and internet services were identified among the major expenses placing pressure on household incomes.