Ghana ranked 12th in Africa with highest cost of living despite inflation drop
The country recorded a Cost of Living Index score of 30.6, with sub-indexes of 12.1 for rent and 33.3 for groceries, reflecting the pressure on consumer budgets despite recent inflation relief.
Ghana ranks 12th among 23 African countries with high living costs, according to a Numbeo study.
The country's Cost of Living Index is 30.6, with rent at 12.1 and groceries at 33.3.
Despite high living costs, Ghana notices the fifth consecutive month of declining inflation, reaching 18.4%.
Top African Countries by Cost of Living
The report ranks Ethiopia as the most expensive country in Africa (43.2), followed by Botswana (39.5) and Mozambique (38.9). Others in the top 10 include Ivory Coast, Somalia, Cameroon, Mauritius, Zimbabwe, Rwanda, Zambia, and Tanzania.
Inflation sees fifth consecutive decline
Despite Ghana's high living costs, inflation has declined for the fifth straight month. The Ghana Statistical Service (GSS) reported that inflation fell to 18.4% in May 2025, down from 21.2% in April. The decline is largely attributed to reduced transport fares and a fall in non-food inflation.
Breakdown of inflation trends
Food inflation dropped to 22.8% from 25.0% the previous month.
Non-food inflation recorded a sharper fall to 14.4% from 17.9%.
Transport inflation saw the biggest decline, plunging from 14.9% to just 3.1%.
Food remains the largest contributor to Ghana's inflation, accounting for 9.7 percentage points of the 18.4% total headline rate.
Conclusion
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
4 hours ago
- Business Insider
Egypt, Morocco, and South Africa ranked among world's best countries
Three African countries, Egypt, Morocco, and South Africa, have been ranked among the world's best countries. Three African nations, Egypt, Morocco, and South Africa, are included in the 2024 Best Countries Rankings. Egypt ranked highest among African nations, securing the 35th position globally. The rankings evaluated 87 countries based on perceptions across 73 attributes grouped into 10 subrankings. Three African countries, Egypt, Morocco, and South Africa, have been ranked among the world's best countries in the 2024 Best Countries Rankings compiled by U.S. News & World Report, in collaboration with Wharton School and global marketing firm WPP. Egypt emerged as the highest-ranked African country, placing 35th globally. It was followed by Morocco at 39th and South Africa at 40th. The rankings are based on a global survey that measured public perceptions of 87 countries across a wide range of attributes, rather than hard economic data alone. The annual survey tapped into the views of more than 17,000 respondents from across the world, including business leaders, educated elites, and everyday citizens, who evaluated countries on 73 different attributes. These attributes were grouped into 10 thematic subrankings: Adventure, Agility, Cultural Influence, Entrepreneurship, Heritage, Movers, Open for Business, Power, Quality of Life, and Social Purpose. To qualify for inclusion, countries had to meet minimum thresholds in GDP, tourism, and foreign direct investment (FDI). The final rankings were calculated by correlating the attribute scores with GDP per capita based on purchasing power parity (PPP), a measure of inclusive national prosperity. While Switzerland claimed the top spot globally, scoring high on business environment, quality of life, and social purpose, Japan and the United States followed closely due to their innovation strength, global influence, and large economies.
Business Insider
5 hours ago
- Business Insider
London mayor to visit Lagos, 3 other African cities as part of UK-Africa engagement
London Mayor Sadiq Khan is set to undertake a historic trade mission to Africa, aimed at strengthening ties between the UK capital and key economies on the continent. London Mayor Sadiq Khan is embarking on a historic trade mission to Africa, focusing on enhancing ties with major cities Khan's itinerary includes visits to Lagos, Accra, Johannesburg, and Cape Town, recognized as economic and cultural hubs. The visit marks the first official African trade mission by a London Mayor, highlighting a commitment to fostering global partnerships. London Mayor Sadiq Khan is set to visit four major African cities - Lagos, Accra, Johannesburg, and Cape Town as part of a UK-Africa engagement tour aimed at strengthening trade, investment, and cultural cooperation between the United Kingdom and the African continent. The tour reflects London's growing commitment to deepening global relationships beyond Europe and will celebrate both the historical and contemporary connections between the UK capital and Africa. According to City Hall, the visit aims to highlight the contributions of African communities to London's diversity and economy while forging new partnerships in business, technology, and the creative industries. Speaking on his official X profile, Khan confirmed his travel plans, saying, ' Lagos, Accra, Johannesburg and Cape Town; These will be my stops later this month on the first trade mission to Africa by a Mayor of London.' The announcement follows his recent visit to Flygerians, a Nigerian restaurant in Peckham, where he met with business owners to witness first-hand the contributions of African entrepreneurs to the city's economy. Africa's big economies on target The Africa trip, first announced in December last year, is part of a strategic trade and diplomatic outreach aimed at deepening business, environmental, and cultural ties between London and key African economies. Mayor Sadiq Khan's itinerary will take him to four major commercial hubs across Nigeria (Lagos), Ghana (Accra), and South Africa (Cape Town and Johannesburg), cities regarded as some of Africa's most dynamic economic centers. His visit will include high-level meetings with political and business leaders, as well as engagements with cultural institutions and members of the African diaspora. Sir Sadiq Khan said: 'I'm delighted to announce that later this month I will be visiting Nigeria, Ghana and South Africa to bang the drum for further investment in London and strengthen the cultural ties we have with each country." 'With growing populations, rapidly advancing technology hubs and an appetite for boosting our trading relationships, this trade mission will be a fantastic opportunity to drive further investment here in London and further deepen our partnerships.' In Nigeria and Ghana, West Africa's largest economies, Khan is expected to pursue new partnerships in technology, fintech, education, and infrastructure. Meanwhile, in South Africa, the UK's largest trading partner on the continent, the focus will be on green investment and fostering city-to-city cooperation on urban sustainability and innovation.
Business Insider
8 hours ago
- Business Insider
Elon Musk's Starlink goes live in Chad, its 24th market in Africa
Starlink, the satellite internet service developed by Elon Musk's SpaceX, has officially commenced operations in Chad. Starlink has launched internet services in Chad, becoming the 24th African region where the service is available. This follows Chad's approval of Starlink's operating license in November 2023. With only 12% internet access penetration in 2022, Chad's market reflects a significant need for improved connectivity. Starlink, the satellite internet service developed by Elon Musk's SpaceX, has officially commenced operations in Chad, following the finalisation of its licensing process and confirmation via the company's official availability map. The announcement was made on X (formerly Twitter), where Starlink confirmed its entry into the Central African country: 'Starlink's high-speed internet is now available in Chad, marking the 24th country, territory or market in Africa where Starlink is available,' the post read. This launch follows Chad's approval of Starlink's operating license in November 2023, clearing the way for the company to offer its low-Earth orbit satellite internet services in one of the continent's most underserved markets. According to the World Bank, only 12% of Chad's population had internet access as of 2022, underscoring the urgent need for improved digital infrastructure. African expansion Starlink's arrival in Chad is part of a wider push to enhance internet penetration across Africa, where just 40% of the continent's 1.3 billion people currently have access to the internet, the lowest rate globally. The service is now available in countries including Nigeria, Zimbabwe, Mozambique, Malawi, Madagascar, Benin, South Sudan, Eswatini, and Sierra Leone. In 2025 alone, the company has secured operational licenses in Somalia and Lesotho and gone live in Liberia and Niger. Despite these milestones, Starlink continues to face regulatory roadblocks in some African markets. Notably, the service remains unavailable in South Africa, the continent's most advanced economy, due to unresolved licensing and compliance issues.
