As inflation continues to rise, the cost of goods and services in Ghana is rising and many local families are struggling to make ends meet.
Mercy Advair, 43, works in the service industry, and her monthly income is barely enough to support her entire family of five.
“My monthly income is about $115, of which I spend $90 on food and transportation. But due to inflation, I spend an additional $22 on food and transportation, leaving me with almost nothing. “I haven’t,” Advair said.
According to her, due to the continuous increase in the prices of goods and services, monthly incomes are not increasing accordingly, reducing purchasing power.
This has forced them to cut back on the amount they spend on certain products, even if they are essential to sustaining their families, she noted.
“How do we take care of our children and ourselves if we have health problems? It’s time for the government to take note of the rising cost of living and do something to alleviate our suffering.” ” she added.
For Emmanuel Eshun, 56, a high school art teacher in Tema, a port city in southern Ghana, recent economic conditions are unbearable. With his wife and his three children, he found the cost of living too high for his income.
Eshun emphasized that the lack of a fixed price system is a problem, saying, “The prices of goods and services in this country are unstable and change from time to time. The same cannot be said for our income levels. Income levels are increasing every year at a very low rate, which makes it difficult to plan for a family and cover other expenses.
Ghana’s economy has faced serious challenges in recent years, including soaring inflation, currency fluctuations, rising public debt, and rising costs of living.
The Ghanaian Bureau of Statistics announced last week that the country’s inflation rate rose to 25.8% year-on-year in March, after falling to 23.2% in February.
Last May, Ghana’s government secured a $3 billion loan from the International Monetary Fund, hoping to steer the economy toward recovery.
Eshun added, “I hope he recovers quickly.”
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