The Ghana Statistical Service (GSS) has revealed in the COVID-19 Households and Jobs Tracker Wave 3, that borrowing became more frequent coping strategy in Ghana last year.
Approximately eighty-seven percent, 86.7%, of households used some sort of coping strategy to deal with the negative effects of COVID-19 since March 2020, the tracker said.
“The most common coping strategies included relying on savings (43.0%) and reducing food consumption (42.9%). Respondents reported that most types of coping strategies were used more often in 2020 than in 2021.
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“The exception to this is the borrowing of friends and family and the use of credited purchases,” the tracker said.
The tracker further revealed that two-thirds of households indicate that their income has not recovered to pre-COVID-19 levels.
The GSS in its COVID-19 Households and Jobs Tracker Wave 3, said only 26.7% of respondents indicated that their total household income stayed the same as compared to the period before COVID-19, March 16, 2020.
5.1% of respondents, according to the GSS, indicated that their total income increased, while 68.2% indicated that their household income decreased.
“Of the different sources of income, non-farm family business income saw the biggest reduction. 77.3% of households with income derived from a non-farm family business saw a decrease in income and only 4.4% reported an increase in income.
“The 4.2% of households who got income from pension saw the smallest change of this income source. 76.7% reported no change in pension income, 13.0% a reduction and 10.3% an increase.
Source|3news.com
