Disposable income set to increase to $3,901 in 2024 – Survey

Disposable income per household is projected to increase to $3,901 in 2024, says the new survey by the UK-Ghana Chamber of Commerce.

The survey by the UK-Ghana Chamber of Commerce further shows that total household spending in Ghana has decreased by 11.09% in 2022.

The research attributes the decline to inflationary hikes and the weakening of the currency in the country.

The imposition of a 1.5% E-Levy also played a role in reducing total spending, along with a decline in disposable income.

However, the number of households increased in 2022, despite the high cost of living, and is expected to continue rising beyond 2025.

Ghana’s Population Expected to Surpass 50 Million by 2025

The survey also revealed that Ghana’s population is expected to keep growing, surpassing 50 million by 2050.

The majority of the population is expected to be living in urban areas, with 73% of the population anticipated to be residing in urban areas by 2025, up from 60% expected in 2025.

The current population stands at 32.7 million and is expected to rise to 34.4 million by 2025, with 57% and 43% of the population living in rural and urban areas, respectively.

Over the last five years, the population growth rate in rural areas has declined by 1%.

Source: norvanreports.com