Ghana has been ranked 6th among 16 African nations in terms of the highest Cost of Living and Rent Index, according to data from Numbeo. The country scored 21.0 points in this category and also placed 6th in the Groceries Index with a score of 33.9.
Leading the continent, Cameroon holds the top spot for the highest Cost of Living and Rent Index with a score of 27.5, followed closely by Nigeria in 2nd place with 27.1. Zimbabwe and Mauritius are tied for 3rd with a score of 24.1, while South Africa ranks 5th.
When it comes to local purchasing power, South Africa takes the crown with a score of 102.8, followed by Botswana at 64.4. Mauritius is in 3rd place with 43.2, and Libya follows closely behind at 42.0. Ghana finds itself in the 12th position among the 16 African countries surveyed for purchasing power.
Purchasing power is a vital economic indicator that reflects a country’s economic health and prospects. A higher purchasing power generally suggests greater consumer spending and potential expansion in industries and businesses, while a lower purchasing power often indicates an economic downturn.
