21 Feb 2025
Poland’s economy has been growing steadily in Europe. This growth is affecting expats who live and work in the country. These changes impact Ghanaian expats, who often move to Poland for better jobs and better living conditions.
Poland’s financial situation brings both opportunities and challenges for Ghanaian expats. They face changes in job security, the cost of living, and the ability to send money to Ghana from Poland. As the economy changes, Ghanaian expats must keep up with trends affecting their daily lives. Staying informed about Poland's financial landscape and leveraging reliable remittance services can help ensure financial stability and make sending money back to Ghana easier and more efficient.
This article will examine Poland’s key financial trends in 2024 and explain how these trends are impacting the lives of Ghanaian expats living in Poland.
Poland’s economy has grown steadily over the past few decades, making it one of the strongest in Europe. According to the latest report, Poland is the sixth-largest economy in the European Union, with a GDP per capita over 70% of the EU average. This strong economy creates job opportunities for foreign workers, including many Ghanaians.
Poland’s economy is expected to grow by 2.8% in 2024 after a slower year in 2023. This growth comes with lower inflation and low unemployment rates, which are good signs for Ghanaian expats working in any industry in Poland.
Before we talk about how these trends affect Ghanaian expats, let’s look at Poland's economy in 2024:
The economy is expected to grow by 2.8% in 2024, improving from the slow growth of 0.2% in 2023. This is a good sign for job creation and income stability.
After reaching 10.9% in 2023, inflation is expected to drop to 4.3% in 2024. While still higher than the EU average, this decrease may help ease the rising cost of living.
Unemployment is expected to stay low at 3.0% in 2024. While this is good for workers, expats may still face competition in the job market.
Public debt is set to increase to 53.7% of GDP. This could lead to changes in government spending and taxes, which might affect expats using public services or planning to stay long-term.
Poland’s account balance is expected to shrink to 1.2% of GDP. This could affect the exchange rate, influencing how much money expats can return to Ghana.
Some potential challenges are still present despite Poland's continuously evolving economy.
Rising inflation is one of the biggest challenges for Ghanaian expats in Poland. In 2023, inflation reached 10.9%, which made basic items like housing, food, and transportation much more expensive. This price rise made it hard for expats to send money back home or save.
Fortunately, inflation is expected to drop to 4.3% in 2024–25. This will help reduce some of the financial pressure on expats. However, the cost of living in big cities like Warsaw, Kraków, and Gdańsk remains high. Rent prices are unlikely to decrease much, as the housing market is still adjusting to the previous inflation. As a result, Ghanaian expats living in cities may continue to feel financial stress unless they consider cheaper housing in suburban areas or smaller towns. Additionally, you should buy from local markets instead of brand-name stores to save on daily expenses.
Poland's low unemployment rate of 3.0% in 2024 creates a good environment for Ghanaian expats looking for jobs. Companies will likely hire more workers as the economy grows, especially in manufacturing, IT, and logistics. Many businesses use English, so language isn't a significant barrier for expats. However, knowing Polish can be helpful, especially for jobs involving local clients or government positions.
Despite the opportunities, competition can be tough, especially in lower-skilled jobs. Even though the unemployment rate is low, many workers face challenges with wages not keeping up with rising living costs. While inflation is expected to decrease in 2024–25, the effects of last year’s high prices may still impact expats’ financial situations.
As Poland’s public debt is expected to rise to 53.7% of GDP in 2024, the government may introduce austerity measures or increase taxes to address fiscal imbalances. For Ghanaian expats, this could mean higher income taxes or VAT rates on goods and services, further impacting their disposable income.
Poland's strong economy, relative political stability, and EU membership contribute to the Zloty's overall stability. As the zloty is expected to rise by 1.3% by the end of 2024, Ghanaian expats in Poland can benefit from this change. Sending remittances back to Ghana is a common practice for many expats, and Poland’s financial trends play a crucial role in determining how much money can be sent home. One of the key factors influencing remittance value is the exchange rate between the Polish zloty and the Ghanaian cedi.
A stronger zloty means that your earnings will have more purchasing power, allowing your family back home to receive more money when you send remittances due to the better exchange rate.
However, this could also increase prices for certain goods and services, impacting the overall cost of living. Ghanaian expats should stay informed about these shifts to maximize their financial well-being in Poland.
To sum up, expats need to stay informed about upcoming policy changes. This helps avoid unexpected costs. Keeping an eye on economic trends can lead to smarter financial decisions in Poland. When it’s time to send money back home, choose ACE Money Transfer. They offer high exchange rates and low transaction fees. You can easily send money online to Ghana from Poland through ACE. Don’t wait—sign up with ACE today and make your loved ones receive the most money possible.
Expats typically need a valid visa, work permit, and employment contract. The specific requirements may vary depending on the job type and duration of stay.
The cost depends on the money transfer service you use. Some services, like ACE Money Transfer, offer competitive fees and favorable exchange rates.
Yes, expats can invest in local real estate, businesses, or the stock market, though it’s important to understand Poland’s investment laws, such as taxation.
Depending on their residency status and work permits, expats may be eligible for certain social services. However, most support is reserved for Polish citizens or EU residents.
Expats can save money by shopping at local markets, using public transportation, and taking advantage of discounts and promotions.
