24% of Ghanaian workers have a side hustle - Old Mutual Financial Services Monitor

In an evolving economic landscape, a growing number of Ghanaian workers are embracing poly-jobbing—the practice of holding multiple jobs—to navigate financial uncertainties and secure a more stable future. 

Insights from the Old Mutual Financial Services Monitor (OMFSM) reveal that nearly one in four (24 per cent) working Ghanaians supplement their primary income with additional sources of revenue, highlighting a shift in employment trends.

Poly-jobbing has become a defining feature of Ghana’s workforce, particularly among urban and peri-urban professionals aged 25 to 59, who earn at least GH₵1,000 monthly. The data shows that 54 per cent of Ghanaians own or part-own a business, demonstrating a strong entrepreneurial spirit. While some engage in these ventures for passion, many turn to side businesses as a financial necessity.

The surge in poly-jobbing is largely driven by economic pressures, rising costs of living, and a desire for financial independence. Many workers seek alternative income streams through freelance work, online businesses, agribusiness, and ride-hailing services, among others. The informal sector dominates, with 78 per cent of self-owned businesses falling outside the formal financial system, posing challenges for financial inclusion.

Price of financial stress

Despite their resilience, Ghanaian entrepreneurs are not without challenges. The report finds that 65 per cent of business owners experience high financial stress, while 42 per cent constantly worry about their income stability. However, optimism remains high, with 94 per cent expressing confidence that their financial situation will improve.

Top financial priorities for these poly-jobbers include:

Securing income stability (73 per cent)

Ensuring safe investments (46 per cent)

Managing expenses effectively (44 per cent)

Surprisingly, long-term financial security appears to be a lower priority, with only 21 per cent actively saving for retirement, despite the uncertain economic climate.

Many poly-jobbers turn to traditional savings methods such as susu groups and cash-based savings to manage their finances. 44 per cent of business owners participate in susu schemes, compared to 28 per cent of non-business owners. However, reliance on informal savings highlights the limited penetration of formal banking and investment products.

Additionally, the OMFSM reveals a lack of access to financial advisory services, with 49 per cent of business owners uncertain about where to seek professional guidance. This gap underscores the need for financial institutions to offer tailored advisory services and create more accessible financial products to support entrepreneurs.

Supporting the Poly-Jobbing Economy

As poly-jobbing continues to shape Ghana’s employment landscape, the OMFSM urges financial service providers and policymakers must step up efforts to:

- Enhance financial literacy through targeted programs for entrepreneurs and side-hustlers.

- Promote formal savings and investment options to encourage long-term wealth accumulation.

- Improve access to financial advisory services, ensuring entrepreneurs can make informed decisions about their money.