A new study has revealed that only 32.2 per cent of salaried workers in Ghana can make savings, highlighting the financial strain faced by the majority of employees.

The research, conducted by Prof Smart Sarpong of the Kumasi Technical University, attributes the low savings rate to inadequate salaries, particularly within the private sector, where workers remain the most poorly paid.

According to the findings, 67.8 per cent of workers reported that their expenditure exceeds their income, leaving them unable to save.

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

The study focused on the Ashanti, Western, Western North, and Central Regions, as well as Upper East, Northern, Bono, and Bono East regions.

The report further revealed that 95 per cent of workers earn less than GH₵ 5,000 monthly, with more than 36 per cent earning below GH₵1,000.

Public sector employees generally receive better pay compared to their private sector counterparts. While only 6.6 per cent of public sector workers earn less than GH₵1,000 a month, a significant 15.8 per cent of private sector workers fall into this category.

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

On the higher end, just 18.1 per cent of private sector workers earn above GH₵4,000, while about 55 per cent of public sector workers fall into this bracket.

Rising Cost of Living

The report also sheds light on the rising cost of living. As of the end of the first quarter of 2026, only 14.4 per cent of Ghanaians perceived the cost of living to be low, a sharp decline from 68.8 per cent in 2025.

Meanwhile, 42.8 per cent of respondents said they noticed no significant change compared to last year.
However, there has been a three per cent increase in those who view the cost of living as high.

Key areas identified as costly include electricity, public transport, and mobile services such as call credit and internet access.