Ghana is a well-known country located in West Africa with a population of over 30 million people, with a greater percentage being youth. While the country has made great progress in recent years in terms of economic growth and development, it has been recorded as the worst economy in the history of Ghana due to high inflation, which has made the cost of living unbearable for the citizens, especially the youth. Below are some of the important factors that contribute to the higher cost of living in the country, which is affecting the youth of today:
The cost of housing and rent is a primary contributing factor to the rising cost of living. Many Ghanaians struggle to find affordable housing, particularly in urban areas where demand is high. In some cases, housing costs can consume up to 50% of a household’s income, leaving little money for other necessities such as food and healthcare.
Another factor that contributes to the high cost of living in Ghana is the cost of transportation. Many Ghanaians rely on public transportation to get around, and the cost of transportation can be significant, particularly for those who live in rural areas or have long commutes to work. Additionally, the cost of fuel is relatively high in Ghana, which further drives up transportation costs.
Finally, the high cost of education is also a significant contributor to the high cost of living in Ghana, which is affecting the youth of today. While education is free at the primary and secondary levels, many families struggle to afford the costs associated with higher education. This can include tuition fees, textbooks, and other expenses.
In conclusion, the high cost of living in Ghana is a complex issue that is driven by a range of factors. While the country has made significant progress in recent years in terms of economic growth and development, many Ghanaians still struggle to afford necessities such as housing, transportation, and education.
Owing to these factors, I ask the big question: how well are you and all the other average Ghanaian youths like myself coping in these dire times of economic hardship and high cost of living?