Ghana is experiencing unprecedented cedi depreciation and inflation, making life difficult for the average Ghanaian. According to Bloomberg, the Ghana cedi is now the world’s worst-performing currency.
To make matters worse, the Ghana Statistical Service reported that the country’s inflation rate is now 37.2%. The cost of living has risen significantly, with consumer goods prices fluctuating almost daily. In Ghana, there is a saying that “Tomorrow’s price isn’t today’s price,” and it appears that this is the case now, as the amount of money you pay today is expected to rise by as much as 70%.
Ghanaians are wailing on social media about the rising cost of goods and services and the depreciation of the cedi.
As we continue developing solutions to help our users preserve the value of their money, we wanted to learn about the specific challenges some Ghanaians are facing and how they are currently dealing with them.
Mrs. Lily Akuffo
My brother is a financial analyst, so he warned us about a possible recession in Ghana, he advised that we cut costs and buy necessities in bulk. In some ways, I can say that the impact of inflation is less on me than it is on most Ghanaians, but the increase in commodities like petrol is a real pain and has a negative impact on my expenses. I can’t afford to buy a full tank of gas like I used to.
I work as a baker. At the start of the year, I was purchasing Vizyon Whipping Cream Powder for GHS 50. The price has increased and as of last week, the price of Vizyon Whipping Cream Powder was GHS 75. I went to buy the same product yesterday and the price is now GHS 104! I couldn’t believe what I was hearing. The same thing happened to flour, margarine, sugar, cake boxes, eggs, and other ingredients. The recent price increase in Ghana, particularly in relation to the items I used for my business, is disturbing.
I go to town almost every week as a petty trader to buy goods to sell. The prices of the goods I sell haven’t been stable for the past few months. Again, at the end of each day’s sales, I save a portion of it with a “susu collector” who works at a rural bank in our district, but I stopped doing so recently because I don’t see the point. I’ve realized that no matter how much money I save, it will be worthless in a month or two. My family and I are currently surviving by the grace of God.
The price of Gino rice is what bothers me the most. It was GHS 100 the last time I bought it, which was about a month ago. I went to the shop on Friday and the shop attendant told me it was GHS 140. I thought she was lying, so I went to another shop, where the price was GHS 150, and I bought it at the previous shop. If things continue like this, I might as well start eating local rice, but aside from that, I’m staying low and trying to cut costs as much as possible.
While things may not appear to be going well right now, we hope that things improve and that prices and living costs stabilize.
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