Ghanaian investors are prioritising capital preservation over high returns, with treasury bills emerging as the most preferred investment option, according to KPMG’s 2025 West Africa Banking Industry Customer Experience Survey.
The survey, released on Wednesday, revealed that 25 percent of respondents selected treasury bills as their top investment choice, followed by fixed or term deposits at 11 percent, underscoring a strong inclination toward secure and predictable returns.
KPMG said the conservative approach reflects residual uncertainty and a desire to preserve capital following years of economic instability, currency depreciation, high inflation and financial sector disruptions. In a generally low income economy, the priority of many Ghanaians is no longer maximising returns, but protecting what they have accumulated.
Treasury bills, backed by government guarantees, offer steady returns and have become the default refuge for savers seeking certainty. Fixed deposits, though less liquid, appeal to investors who value discipline, assured interest and insulation from market swings. Together, they dominate portfolios in a climate where trust and stability matter more than aggressive growth.
The survey findings noted that the investment landscape reflects cautious sentiment among respondents, with preferences skewed toward low and medium risk opportunities. Survey results showed that this conservative approach is likely driven by residual uncertainty and a desire to preserve capital.
Financial analysts say this conservative posture is a rational response to lingering uncertainty about macroeconomic recovery and limited appetite for risk. With memories of recent economic hardship still fresh, households and businesses alike are choosing instruments that safeguard savings rather than expose them to potential losses.
Older respondents, particularly those aged 60 and above, favour commodities such as precious metals at 32 percent and treasury bills at 30 percent, aligning with a preference for tangible and stable assets. Millennials show lower participation, with 35 percent reporting no investments, a marginal increase from 32 percent in 2024 and 17 percent in 2023.
Generation Z showed the highest disengagement, accounting for 43 percent of respondents reporting no investments at all, highlighting a generational gap in financial planning and investment orientation. This disengagement is partly explained by Generation Z’s preference for immediate and flexible income sources such as side hustles to manage daily expenses, leaving limited surplus income for investment vehicles.
The KPMG survey examined banking customers across West Africa, analyzing spending patterns, savings behaviour and financial priorities. Ghana specific data was extracted to understand local market dynamics and generational differences within the country.
Despite early signs of macroeconomic recovery in Ghana, with inflation falling to 8 percent by October 2025 and the cedi stabilising significantly during 2025, investment behaviour remains measured. Consumers remain selective in where they allocate capital, preferring low capital assets that offer perceived stability and act as hedges against uncertainty.
The survey suggests that the conservative investment culture shaped by uncertainty, past experiences and economic shocks will persist until confidence in sustained economic stability becomes more firmly established across all age groups and income levels.
