Approximately 6 out of 10 Ghanaians are not saving for retirement, according to the 2023 Old Mutual Financial Services Monitor. This is significantly higher amongst informal sector workers, younger and lower-income earners. The report also said only 18.0% are very confident that they have enough savings for retirement. Only 37.0% of respondents have started saving for retirement. Again, 7 out of 10 Ghanaians are hoping that their children may support them when they are old. There are no significant differences across age and income levels. Significantly lower expectations amongst Ghanaians (11%) that the government will look after them when they are unable to support themselves. For life cover, 88% of respondents said they do not currently have life cover. In terms of the reasons for not having a life cover, 24% of the respondents pointed out that life cover is not a priority. Eighteen percent said they do not see the importance. Meanwhile, consumers use a multitude of ways to save fr
Ghana earned $521.86 million from crude oil in the second half of 2023, the Second-Half Ghana Petroleum Funds 2023 has revealed. Out of that, the country secured $319.73 million from crude oil liftings in the last six months of 2023. The crude oil lifting took place between May 2023 and October 2023. The country also got $198.6 million from corporate tax during the second-half of 2023. The taxes were from crude oil liftings by Kosmos Energy, Tullow Oil and Petro SA. Ghana again earned $3.32 million as interest from the Petroleum Holding Funds. Other income from surface rental was estimated at $112,082. Investments from Ghana Petroleum Funds estimated at $1.23bn For the Ghana Petroleum Funds Investments, the nation earned $1.23 billion during the period. The Ghana Heritage Fund brought in $1.046 billion, whilst the $190.38 million was gotten from the Ghana Stabilisation Fund