Ghana has been ranked 6th in Africa in terms of the Cost of Living and Rent Index, according to the latest data from Numbeo.
The nation posted a score of 21.0, reflecting elevated living expenses relative to other economies on the continent. Ghana also ranked 6th in the Groceries Index, with a score of 33.9, further underscoring the rising cost pressures faced by households.
Cameroon topped the list for the highest Cost of Living and Rent Index, registering 27.5 points, followed closely by Nigeria with 27.1 points. Zimbabwe and Mauritius, both with scores of 24.1, jointly held the third position, while South Africa ranked 5th.
South Africa also emerged as the leader in local purchasing power, posting a robust score of 102.8, indicating a significantly higher ability of consumers to afford goods and services.
Botswana secured second place with 64.4 points, while Mauritius and Libya followed in third and fourth positions, scoring 43.2 and 42.0 respectively.
Ghana placed 12th out of the 16 African countries surveyed, highlighting its weaker purchasing power compared to its regional peers.
Local purchasing power serves as a crucial barometer of economic health. Elevated purchasing power often signals stronger consumer spending and industrial expansion, whereas a decline may indicate economic stagnation or stress.
Source:norvanreports.com