HOW ROSCA IS HELPING GHANAIANS ACHIEVE THEIR FINANCIAL GOALS

A Level 300 Production by Kpandu Victoria 

For many Ghanaians, Rotational Savings and Credit Associations (ROSCAs), commonly known as Susu, have become more than a savings scheme. They provide people with an opportunity to save consistently while working towards personal and financial goals. As the cost of living continues to rise, many individuals are relying on ROSCA to improve their livelihoods.

Unlike banks, ROSCA allows members to contribute a fixed amount of money at regular intervals. The total amount is then given to one member on a rotational basis until everyone has received their share. This simple system has remained popular because it encourages discipline and makes large purchases more achievable.

Members of women’s Susu group during a savings meeting 

Source: resourcesfortheblind.org

Many people say the scheme has helped them buy valuable items, expand businesses and meet important family expenses. Others believe it has reduced their dependence on loans and helped them develop better saving habits. These experiences show that ROSCA is more than just a traditional savings method.

One of the beneficiaries is Goody Yitah, who says ROSCA has played a significant role in helping her achieve her financial goals. She explains that regular contributions have enabled her to make purchases she once considered impossible. She says the system has also encouraged her to remain financially disciplined.

“Through ROSCA, i was able to buy my first iPhone 12 Pro. Later, i bought the iPhone 13, and now I have been able to get the iPhone 16 Air. I have been in ROSCA for a long time, and I belong to many ROSCA groups because it has really helped me” she said.

Yitah says joining several ROSCA groups has allowed her to plan for different financial needs at the same time. According to her, the system has become part of her lifestyle because it helps her save without unnecessary spending. She believes many young people can benefit if they remain committed to their contributions.

A photo of Goody with her iPhone 13

Another member, Sandra Ababio, also credits ROSCA for helping her establish and grow her business. She says the money she received from the scheme gave her the confidence to invest in an income-generating venture. Today, she owns a bouquet business and continues to expand her activities.

Sandra Ababio imports dresses from Togo for resale in Ghana

Source : TikTok 

“Through ROSCA, I was able to save enough money to start my bouquet business. I also travel to Togo to buy dresses, which I sell in Ghana. ROSCA has made it easier for me to grow financially,” she said.

Ababio believes ROSCA provides an accessible way for small business owners to raise capital without going through complicated financial processes. She says the money she receives has helped her increase her stock and improve her income. She hopes more young entrepreneurs will consider joining reliable ROSCA groups.

Financial experts say ROSCA continues to thrive because it promotes a strong culture of saving and mutual support. The scheme also provides members with access to lump sums that can be used for business, education, healthcare or other important needs. This explains why it remains popular despite the growth of mobile money and banking services.

Ghana cedis

The experiences of Goody Yitah and Sandra Ababio highlight the impact ROSCA continues to have on the lives of many Ghanaians. Through consistent saving and collective support, the scheme is helping people achieve financial independence and pursue their dreams. For many members, ROSCA is not only about saving money but also about creating opportunities for a better.