How MSMEs save money in Ghana

June 15, 2020
How MSMEs save money in Ghana

As we set out at JidiTrust to understand the consumer habits and problems faced by small business owners in Ghana, we found some interesting insights about how they save money.

According to our research, there are three categories of small business owners when it comes to savings. The first is the people that say they do not save at all. This makes up roughly 10% of the total sample size, they mostly just use up money in expenses as it comes and some do not have enough to keep aside after that. The second group of small business owners saves their money in the bank, they make up 20% of the total sample size and most of them have bank accounts where they pay in the cash daily, weekly or monthly.

The last group save with Susu, this is a type of informal communal rotating savings groups formed in markets among friends and neighbors where they donate little sums (like 3 cedis) daily and then have the bulk of the money from everyone go to one group member every month and this process rotates. This way every group member gets a payday where they get everyone's contribution they can now fund projects like business expansion or do major investments with that bulk money.