Ghana ranks 20th in Africa for low cost of living, 3rd in West Africa for high living expenses

Ghana has secured the 20th position among 24 African countries with the lowest cost of living, as per recent data from Numbeo. However, within West Africa, it holds the 3rd spot for having higher living expenses.

The country's overall Cost of Living Index is recorded at 26.0, considering factors like Rent Index, Groceries Index, Restaurant Purchase Index, and Local Purchasing

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Ghana scored 11.0 for Rent Index, 18.8 for Cost of Living Plus Rent Index, 27.2 for Groceries Index, 22.9 for Restaurant Purchase Index, and 14.8 for Local Purchasing Power Index.

Ivory Coast claimed the top spot in both Africa and West Africa for the highest cost of living with a score of 44.7, followed by Senegal at 44.0. Ethiopia secured the 3rd position with a score of 43.1. Ghana's standing was attributed to reduced inflation in 2023 and a slower depreciation of the cedi.

Comparatively, the data revealed that the cost of living in Ivory Coast is 72.3% higher than in Ghana, while rent in Ivory Coast is 53.6% more expensive. On the other hand, the cost of living in Nigeria is 53.5% lower than in Ghana, with rent in Nigeria being 8.5% lower.