New research reveals smarter money habits and shifting household priorities, with big implications for the informal economy
Accra, Ghana — A new consumer pulse study released by Pierrine Consulting in February 2025 has revealed a quiet but powerful shift in how Ghanaians are managing their money. The report, based on face-to-face surveys with over 100 respondents in Accra, paints a picture of consumers who are not only more optimistic about their financial future but are also becoming more deliberate about how they spend, save, and survive.
According to the report, more than half of Ghanaian households—54%—say their financial situation has improved in the last six months. This marks a significant turnaround from August 2024, when only 15% reported financial progress. While the uptick reflects a broader sense of recovery, what stands out most is how households are reacting to this improvement. Rather than returning to old habits, consumers are adopting a more cautious, value-driven approach to spending.
The study finds that 64% of respondents are actively reducing their household expenses. Another 57% are avoiding debt, and 46% say they’ve begun setting financial goals. Saving for a rainy day, once a luxury for many, has become a growing priority, with 47% of respondents now putting money aside regularly. Ghanaians are also becoming more intentional with budgeting, with many families tracking their spending closely and avoiding unplanned purchases.
Behind these behaviours is a broader set of coping mechanisms that go beyond just cutting costs. About 31% of respondents say they’ve picked up side hustles to increase their income, while others are making decisions based on clearly defined spending priorities. The combination of these strategies shows a shift in mindset: Ghanaian consumers are not just trying to survive economic pressures—they are trying to take control of their financial lives.
This change in consumer behaviour comes at a time when optimism is noticeably on the rise. The study reports that 77% of respondents feel positive about their financial future over the next 12 months, a sharp increase from 42% in the previous wave. The optimism is driven by a belief that things are returning to normal, that set goals can now be met, and that new opportunities are emerging in the economy. Many consumers also report increased business activity and stronger family income as signs of better days ahead.
But beneath the optimism lies a more structured approach to managing money. According to analysts at Pierrine Consulting, this new consumer behaviour may have far-reaching implications for Ghana’s economy. With more people engaging in side businesses and becoming more financially disciplined, there is likely to be continued growth in the informal economy. Micro and small enterprises—many of them unregistered—may become the backbone of household income, especially as people seek more control over their financial outcomes.
At the same time, spending decisions are being filtered through a value lens. Consumers are less likely to spend on luxury or non-essential items and more likely to favour brands and products that offer clear utility and affordability. For businesses, this could mean a shift in demand toward smaller pack sizes, flexible pricing, and products that support long-term value rather than short-term desire.
The report also offers a clear message to policymakers. As consumers take more financial responsibility into their own hands, there’s an opportunity to support this behaviour with better tools for financial inclusion. Digital savings platforms, community-based financial education, and microcredit schemes that prioritise financial literacy could help formalise and strengthen this evolving money culture.
