Ghana has one of the best rates of growth in Africa, just emerging from the pandemic, it is expected that the country’s growth will sky rock to about 4.2% in 2022 according to AFDB. Ghana’s inflation is anticipated to lessen to about 8% in the coming year 2022. The country is rich in natural resources however, the cost of living in Ghana is relatively on the high side especially in the nation’s capital Accra. With the exchange rate soaring and current rate at one (1) USD$ to 5.94 Ghanaian Cedi, prices of items and utilities like transportation, rents, goods and services have gone up. See breakdown on the table of matric below.
Ghana however, has many natural resources including gold, cocoa and various types of stone. This has led to the growth of numerous industries, including tourism. In addition to being one of the wealthiest countries in West Africa, Ghana is also one of the fastest growing economies in the continent. This made it possible for the World Bank to rate Ghana as having one of the best cost of living indexes in Africa with its cost of living standing at 38.53.
Ghana has a well-developed infrastructure and a large consumer market thanks to its high GDP per capita and a large number of people with middle-class incomes. Even with its high standard of living, Ghana is still very attractive to people wishes to come and work in the country as a foreigner or for tourists who wishes to visit the country. With a new minimum wage of ¢12.53, the monthly living cost of a Ghanaian can be covered by the average earnings of a worker whose typical salary ranges from GHS 1,280 to GHS 22,600 per month.
Accommodation is generally tending towards the high side in Ghana and prices are rising. The most popular housing choices are apartments and houses with their respective land. Both can be bought through an estate agency or directly from the developer or owner. Due to the rich cultural heritage, properties are built in a unique style of architecture often with a modern twist. The cost of buildings varies from GHS 50,000 ($8,500) to GHS 500,000 ($84,755) depending on the area and the building material used. For tourist a decent hotel can range between USD150 to as high as USD500 per night.
Monthly Utility Expenses:
The monthly utility expenses can vary depending on your choice of housing and consumption levels. The following are some of the typical utility costs:
The cost of food varies depending on the type of food consumed. Food are relatively expensive in Accra as a result of the price controls and imported foods items, however, there are still several restaurants where you can eat at a fairly reasonable price especially if you are going for the local dishes. The cost of eating can range from $0.50 to $5.00 depending on the location and restaurant. The most popular local food includes Jollof rice, groundnut soup, fish, stew and plantain.
This includes expenses for transportation, car insurance, health insurance and travel.
Transportation is cheap in Ghana. Fuel is sold at a fixed price ($1.06 per litre) and transport fares are also fixed by government regulations. The rail system is basically not functional so don’t expect to utilize such services.
Healthcare is taken very seriously in Ghana and can also be quite expensive. There are quite a number of medical centers across the country that can provide a wide variety of services, including Accra which has a number of clinics and hospitals with a general hospital.
It’s not compulsory to maintain health insurance in Ghana but it’s strongly recommended as many health facilities don’t accept any other type of insurance. The cost of insurance depends on the level that is chosen.