There is a strong correlation between economic growth and savings habits, says Musa Salah.
Saving money is generally a cultural aspect that differs among countries. But at a session of the 6th Africa Agriculture Science Week, Ms. Musa Salah said that there is a strong correlation between economic growth (both of the country and of the individual) and savings habits.
In Ghana, less than 40% of the population has a savings account. In China, on the other hand, almost everyone saves money from young kids to elderly men and women. In 2009, surthe plus savings of China’s citizens exceeded 18 trillion yuan. Its savings rate ranks first in the world, with per capita savings of more than ten thousand yuan.
So why don’t Ghanaians save more money, and is it really necessary for them to do it?
The FARA Social Reporters Blog 