Ghana is one of the most expensive countries to live in
As global economic crisis hit, more countries are experiencing economic hardships and Ghana is one of the most expensive countries to live in.
The cost of living is the amount of money needed to maintain a certain standard of living by covering basic expenses. A cost of living index analyzes product and service costs over time in different cities, regions, and countries. Housing, electricity, water, food, clothing, healthcare, and transportation, among other necessities, can quickly add up. However, some countries’ living costs are high, making it difficult for many people and families to make ends meet.
In Africa, there has been the notion that life is quite conducive or less expensive as compared to other continents. Even though some countries in Africa are developing and others are under-developing, it is very expensive to live in most countries in Africa. Nothing withholding a developing country like Ghana, which has become one of the most expensive countries to live in just within the first quarter of the year 2022.
Residents in Ghana now face a high cost of living due to high taxes, poor salaries, and above-average transportation expenditures as a result of an increase in fuel prices. Based on the current directive from the National Petroleum Authority, some Oil Marketing Companies started to reflect new fuel prices. This directive moved the price of petrol from around Ghc 6.99 per litre to some Ghc7.13 per litre.
If you’re considering relocating, take into account the cost of living at your desired location. High living costs in Ghana have a variety of negative consequences on a country’s level of life. Due to a high cost of living, Ghanaians on the lower end of the economic spectrum find it difficult to keep up with the cost of basic living. Tourists and ex-pats in the country may be put off by the high cost of living since they will get less value for their money here than they would elsewhere.