Abstract:
The phenomenon of rural-urban migration drift in Ghana has become a grave concern to
many Ghanaians. Despite the good intentions of the migrants to seek greener pastures,
the adverse consequences of the phenomenon usually leave much to be desired. Migrant
remittances and accumulation of capital through savings have played an important role in
the economic development, social resilience and the improvement of household
wellbeing in many developing countries. This study sought to examine the effect of
savings on the wellbeing of migrants in Old-Fadama, in Accra Metropolis. The study
employed a combination of qualitative and quantitative methods in eliciting information.
A sample of 100 migrants were interviewed for the quantitative part of the research, and
views from two focus group discussions were elicited for the qualitative part of the
research. Push factors came out as the main reasons behind migration. Additionally,
savings made by the migrants were found to impact positively on their wellbeing.
Therefore, the study concluded that savings made by migrants can particularly improve
their livelihoods and the national economy in general. A policy recommendation was
suggested to encourage the migrants to save in order to ensure a better future.
