Ghana has been ranked 6th in Africa for the highest Cost of Living and Rent Index, according to the latest report by Numbeo. With a score of 21.0 points, the country joins Nigeria, Cameroon, and Zimbabwe among the top-ranked nations facing significant cost-of-living challenges. Ghana also placed 6th in the Groceries Index, scoring 33.9 points.
Cameroon topped the continent’s rankings with a Cost of Living and Rent Index of 27.5, followed by Nigeria and Zimbabwe. South Africa was ranked 5th but led in the Local Purchasing Power Index with a score of 102.8, indicating a higher consumer spending capacity.
Ghana’s economy has struggled with inflation, contributing to its higher cost-of-living ranking. The depreciation of the cedi and rising fuel prices have also added pressure on the local economy. A country’s purchasing power is a critical indicator of economic health, and Ghana’s position reflects the difficulties many citizens face in affording basic goods and services.