Many Ghanaians are increasingly relying on additional sources of income to cope with stagnant wages and rising living costs.

According to Old Mutual Financial Services Monitor 2024, which surveyed 650 working adults earning Ghc 1000 or more per month, this indicates the deep-rooted community ties and an entrepreneurial spirit are driving this trend.

According to the report, nearly 38% of respondents supplement their primary earnings by receiving funds from family and friends—both locally and overseas. This pattern not only underscores the financial challenges many face but also reflects the local concept of “biako ye,” where individual well-being is intertwined with community support.

In addition, the data shows that just over 20% of working Ghanaians engage in poly-jobbing—taking on side hustles, freelancing, or after-hours work in addition to their regular employment.

This trend is even more pronounced among those earning GHS3000 or more per month, with about 31% reporting additional income streams. These figures suggest that, while extra jobs help cushion financial strain, they also indicate a broader reliance on informal economic activities to make ends meet.

The findings come against the backdrop of a challenging economic environment marked by an erosion in real earnings and heightened living expenses. As wage growth fails to keep pace with inflation, more Ghanaians are turning to alternative income sources not just as a stopgap measure, but as a necessary part of their financial strategy.

Meanwhile, financial analysts suggest that policymakers and financial institutions should pay closer attention to these trends. Strengthening social safety nets and creating opportunities for better-paying formal jobs could help reduce the heavy reliance on informal support systems. Meanwhile, the growing prevalence of poly-jobbing could spur innovation in gig and freelance markets, reshaping how income is generated in Ghana.