Ghana News & Trends

Ghana ranked 20th in Africa with the lowest cost of living

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According to recent statistics from Numbeo, Ghana is ranked 20th out of 24 nations in Africa with the lowest cost of living.

However, it has the third-highest cost of living in West Africa. The overall Cost of Living Index for the country was 26.0.

Rent Index, Grocery Index, Restaurant Purchase Index, and Local Purchasing Power Index were all taken into account in the ranking. The country received a Rent Index score of 11.0.

Ghana had a score of 27.2 for the Groceries Index and 18.8 for the Cost of Living Plus Rent Index.

It received a score of 22.9 on the Restaurant Purchase Index. On the other hand, its Local Purchasing Power Index score was 14.8.

The country with the highest cost of living in both Africa and West Africa is Cote d’lvoire (44.7). Senegal came in second with a score of 44.0%.

With a score of 43.1, Ethiopia came in third, followed by Mozambique and Mauritius in fourth and fifth place, respectively, with scores of 43.0 and 39.8.

Numbeo claims that Ghana’s situation was mostly brought about by lower inflation in 2023 and a slower rate of cedi depreciation.

According to the data, Ivory Coast has an average cost of living that is 72.3% greater than Ghana’s. In a similar vein, rent in Ghana is 53.6% lower on average than in Ivory Coast.

On average, Nigeria’s cost of living is 53.5% cheaper than Ghana’s. Likewise, the average rent in Nigeria is 8.5% less than that in Ghana.

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