A level 300 production by Yitah Goody Kumangamo
A Susu collector receives a daily
Contribution from trader
For many traders in Ghana, Susu remains a dependable way to save money despite growing concerns about the safety of contributors’ funds. The traditionall Rotating Savings and Credit Association (ROSCA) allows members to make regular contributions and receive a lump sum after completing an agreed cycle. However, the absence of formal legal protection continues to raise questions about the security of contributors’ savings.
Unlike banks, many Susu groups operate on trust rather than written agreements or legal contracts. This means contributors often have limited options when collectors disappear with their money or when members fail to honour their commitments. As a result, many traders rely on personal relationships and community trust instead of daily Susu collection takes place in a busy market.
A trader who has participated in Susu for almost one and a half years, said she prefers the traditional savings system to a bank because the collector visits her shop every day. She contributes GH₵40 daily, making it easier to save consistently without leaving her workplace.
Nana Akua hands over her daily 40gh susu
Susu collector recording a customers daily contribution in a Susu passbook, with each payment marked to keep tracks of deposits.The passbook serves as a simple record of transactions, helping both the collector and contributor monitor savings over time.
A susu collector records a contributors payment in a savings booklet
Despite the benefits, Nana Akua admitted that contributors face serious risks if a collector fails to return their savings. “If the Susu collector runs away with my money, I will go to her house to look for her. If she is not there, there is nothing I can do. I leave everything to God,” she said. Her experience highlights the challenges many informal savers face because transactions are often based on trust rather than legal protection.
Experts believe stronger safeguards could improve confidence in the Susu system without changing its community-based nature. They recommend proper record keeping, written agreements, receipts and digital payment records to improve accountability and reduce disputes. As Ghana continues to promote financial inclusion, these measures could help protect contributors while preserving one of the country’s oldest savings traditions.
What additional measures do you think should be introduced to make Susu safer for the millions of Ghanaians who depend on it?
A well presented topic. Introducing stronger safeguards will help make Susu safer and more reliable for everyone.
ReplyDeleteAn excellent presentation. Accountability and transparency are essential for the future of Susu
ReplyDeleteGreat work done . And in which susu is one of the trusted way of saying money in the Ghanaian society
ReplyDeleteI enjoyed this presentation.It offers realistic solutions to improve one of Ghana’s most trusted savings systems.
ReplyDeleteEducative
ReplyDeleteI think Introducing a licensing system for Susu collectors, stronger regulatory oversight, digital payment and record-keeping options, mandatory receipts, and an insurance or compensation scheme to protect customers’ savings would go a long way in making Susu safer and more trustworthy for the millions of Ghanaians who rely on it.
ReplyDelete