Cost of Living in Ghana - How Expensive is Ghana.

Cost of Living in Ghana

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Hello Displorers, welcome to another informative video presented to you by Displore. In this video, we shall look at the cost of living in Ghana in which we shall examine the cost of housing, transportation, education and health.The housing, transportation, education and health cost of any country is a great indication of the cost of living of any country. The cost of living in Ghana is the reflection of the quality of life shown in how much is spent on housing, transport, education and health. That is why in this video, we shall examine the cost of housing, transportation, education and health in Ghana to determine cost of living in the country. But first we need to understand what cost of living really is.
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The cost of living is the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time period. The cost of living is often used to compare how expensive it is to live in one city versus another. The cost of living is tied to wages because if expenses are higher in a city, such as New York, for example, salary levels must be higher so that people can afford to live in that city.The cost of living can be a significant factor in personal wealth accumulation because a salary can provide a higher standard of living in a country where daily expenses such as rent, food and entertainment are less. In contrast, a high salary can seem insufficient in an expensive country.
An Overview of Cost of Living in Ghana
The cost of living in Ghana is higher than new arrivals may expect. Ghana's capital city, Accra, ranked as the 63rd most expensive expat destination out of the 209 cities analysed in the 2019 Mercer Cost of Living Survey. Accommodation in Ghana is particularly expensive and will take up most of an expat's budget. Household utilities and communication technology are also costly. Transport expenses in Ghana are fairly low, however, even for those who choose to drive. As the standard of public healthcare in Ghana is poor, foreigners moving to Ghana opt for private healthcare and will need to invest in a comprehensive international health insurance policy. Luckily, many expats in Ghana have this expense covered by their employer. The cost of living in Ghana is a product of the earnings of those who work and live in Ghana from citizens to expats. Hence, we need to get the salary ranges in Ghana to decent if the cost of living in Ghana is high or low.
Salaries in Ghana
The salary range for people working in Ghana is typically from a minimum salary of $152.09 to $701.96 which constitutes the highest average but note should be taken that actual maximum salary is higher.This salary brackets are inclusive of the total monthly salary and bonuses but still, salaries vary drastically among different job categories.Ghana’s national daily minimum wage was to increase by January 1st, 2020 as the country’s Ministry of Employment and Labour Relations said in a report.The country’s daily minimum wage is to increase by 11% to $2.16 for 2020, up from $1.94 for 2019.Employers that do not fulfil their obligation to pay the minimum wage are subject to penalties, the commission said.The 2020 minimum wage was determined through an agreement of the members of Ghana’s National Tripartite Committee, which consists of representatives from the government and the Ghana Employers Association. With these increases, the monthly wages will also increase relatively especially for unskilled labour which can intend affect the cost of living as well.

Cost of Accommodation in Ghana
Accommodation is expensive in Ghana and rent will account for a large proportion of an expat’s budget, especially in Accra. As the country is developing and more international companies are setting up offices in the Ghanaian capital of Accra, the foreign population is growing quite rapidly. The demand for accommodation is high but there is a short supply of quality and secure housing for expats which pushes up prices.Due to the relatively undeveloped nature of communications technology in Ghana the costs of telephone line rental, monthly internet and mobile-phone tariffs are fairly high and free Wi-Fi is only rarely available. To get things into perspective, an apartment can cost you somewhere between $116 to $1,882 a month and some still go above. As we mentioned earlier, one of the highest cost in Ghana is the cost of renting a house. For expats, it is another ball game as annual average rent for expats can cost between $45,000 to $60,000 for a three-bedroom home. High earning neighbourhoods can ask up to $200,000 for a 3 to 4-bedroom house. On average, rents in the capital city Accra, ranges from $300 to $1500 per month for a two-bedroom house

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