Forty-three percent of Ghanaians are not prepared to take any financial risk at all as they have low-risk inclination, the 2023 Old Mutual Financial Services Monitor has revealed.
This follows the impact of the Domestic Debt Exchange Programme on the financial sector.
However, 24% take substantial financial risk expecting to earn large returns.
Similarly, those who take above-average financial risks expecting to earn above-average returns are about 19%.
The report also said that seven out of 10 working Ghanaians do not use a financial adviser.
Forty-six percent agreed that they are not always sure who to turn to when it comes to their finances.
Over half working Ghanaians own or partly owns businesses
On business ownership, the report disclosed that just over half of working Ghanaians own or part owns a business, but these are generally small or micro in size.
For business funding, business owners show self-reliance as they either fund their business through profits or personal savings and investments. Limited access to credit may also be a driver.
Nonetheless, only 11% have funding from a financial services provider.
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