Statics show only 2% of Ghanaians are millionaires.

In this context, a millionaire is someone with a total net worth of at least GHS 1 million including cash, investments, and assets not just money in the bank.


Ghana faces a tough challenge of growing the middle class and improving citizens' quality of life.


Patrick Baah Abankwa is chartered banker and a personal finance content creator sharing timely and relevant personal finance insights on savings, investment and wealth generation.

He shared this revealing statistic on a recent online post.
In Abankwa’s view, for Ghana to widen the middle class, the masses must benefit from financial education and planning, an exercise that is missing in our Senior High and Tertiary institutions.


Here are five tips he suggests to build wealth and hit millionaire status in the next decade.

1. Start Saving

Saving is a bedrock of wealth creation.
One of the biggest financial mistakes professionals make is spending more than they earn.


“At the very least, Ghanaians should save 5%-10% of their income each month,” Abankwa advises.
“Complaining about salary is no excuse because wealth starts with a savings habit”


Another strategy is to follow the 50/30/20 Rule: 50% for needs, 30% for wants, and 20% for savings/investments.

2. Invest Early (& Consistently)

“Letting your savings sit idle in a bank account while inflation erodes its value is like slowly draining your financial future.” Abankwa suggests


Money and capital market instruments exist for short and long term planning.


A little research on financial instruments like index funds, bonds, and mutual funds can reveal low-risk ways to grow your savings.

3. Develop Multiple Streams of Income

“Our parents’ era of relying solely on one source of income is long gone.” Says Abankwa
Ambitious professionals are developing multiple sources of income to complement their 9 – 5 salary.


The saying "It’s not what you do from 9 to 5 that makes you rich. It’s what you do from 5 to 9." is now deep-seated in modern business culture. Many employers are open to their staff having side businesses.


Putting in valuable work via a side hustle or a specialized skill is how salaried employees build true wealth and find financial freedom.

4. Avoid Unnecessary Debt

“Upgrading to a luxury car, expensive phone, nicer apartment, as a reward for salary increment is not a smart move.” Abankwa notes.


Lifestyle creep happens when professionals upgrade their lifestyle every time their income increases.


This leads some professionals to play catch-up whiles having little left for savings.


“If you must take a loan, ensure it’s for income-generating assets like a business or property.” Abankwa suggests

5. Build an Emergency Fund

Many Ghanaians make the error of grouping savings and emergency funds in a single account.


Emergency funds are 3-6 months’ worth of living expenses kept in a high-interest savings account to cushion against job loss or unexpected financial crises.


Whiles savings are used towards specific financial goals such as a house, car, vacation etc. Separating income for specific goals erodes the anxiety associated with spending.



In the end, the road to millionaire status is not about luck, it’s about discipline, smart financial decisions, and long-term planning.


Start today, and your future self will thank you