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Savings Habits of African Women, the Case of Ghanaian Market Women

33 Pages Posted: 18 Aug 2011 Last revised: 13 Oct 2011

George Ekegey Ekeha

Regent University College, Ghana; University of Leicester - School of Management

Date Written: August 18, 2011


A very noble African scholar from Ghana, Dr Aggrey, once said “If you educate a man you educate an individual but if you educate a woman you educate a whole nation.” This assertion is still relevant in African communities today since the African Woman continue to be the piece of good fortune to several African children’s development.

The ability to save part of your earnings today would go a long way to increase the investment drive of the various African nations. It is important that the practice of encouraging savings habits therefore starts with the African Market Woman. Many of these women control huge parts of moneys in circulation in their various countries. Many African markets, where various goods from staple food, groceries, clothing, cosmetics, healthcare products, electrical gadgets and many more are traded, are dominated by women.

There are thousands and even millions of dollars worth of goods changing hands in those markets on daily basis. The ability for banks and other financial institutions of the African countries to mobilize funds from these market women for savings and subsequently loaning to corporations which invest into profitable economic ventures would help in reducing the poverty in the sub-regions and also free these nations from the self colonialism – economic dependency on the Western and Asian developed Countries and other International Institutions for aids, grants and loans.

This research studied the savings habits of African Market Women by collecting data from two major markets in the capital city of Ghana, one of the African Countries with the fastest growing economies. The researcher interviewed six hundred and twenty-four (624) market women from Makola and Kaneshie Markets in the capital Accra. The researcher also sent structured questionnaire to all the twenty-six (26) registered banks (as at 2009) operating in the country, but unfortunately none of the banks responded to the research after waiting for three (3) months with four reminders.

Keywords: African Women, Market Women Savings Habits, African Market Women, Savings Habits in Africa, African Women Savings

Suggested Citation

Ekeha, George Ekegey, Savings Habits of African Women, the Case of Ghanaian Market Women (August 18, 2011). Available at SSRN: or

George Ekegey Ekeha (Contact Author)

Regent University College, Ghana ( email )

P.O. Box DS1639
Accra, Greater Accra 00233


University of Leicester - School of Management ( email )

Leicester, AK LE1 4AY
United Kingdom

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