A 2023 report released by Old Mutual financial services, 43 percent of Ghanaians were found to be ill-equipped to engage in any type of financial risk. This lack of preparedness was attributed to a general reluctance among citizens to take on financial risks.

The report, known as the Old Mutual Financial Services Monitor, also highlighted the influence of the government's Domestic Debt Exchange Programme on the financial sector as a contributing factor to this trend.

However, it noted that only 24 percent of the Ghanaians surveyed were willing to undertake significant financial risks in pursuit of higher returns.

“Similarly, those who take above-average financial risks expecting to earn above-average returns are about 19%,” the report said.

According to the Old Mutual report, seven out of ten employed Ghanaians do not seek the assistance of a financial adviser for guidance on their finances.

As a result, approximately 46 percent of Ghanaians indicated uncertainty about where to seek financial advice.