A nationwide cost of living survey has revealed growing financial strain across Ghanaian households, with incomes failing to keep pace with rising expenses, according to research led by Smart Sarpong of Kumasi Technical University.
The study, which sampled 4,155 households across eight regions, found that a significant number of Ghanaians are trapped between stagnant salaries and escalating daily costs, particularly in electricity, transport and internet services.
“Economic indicators in the books must correlate with the lived experiences of citizens, but in many cases that connection is missing,” Sarpong said on the Asaase Breakfast Show on Wednesday (13 May).
Household strain intensifies
The report indicates that only about 32% of respondents are able to save at the end of the month, often irregularly, while the majority rely on loans, side jobs or support from family to survive.
An estimated 80% of households reported that their income does not adequately cover monthly expenses.
“For an average household of three to five people, you need between GHS3,000 and GHC5,000 monthly just to meet basic needs,” Sarpong said. “But how many Ghanaians earn that?”
Key drivers of rising costs
The study identified three major contributors to the surge in living costs:
- Electricity tariffs
- Public transport fares
- Internet data and mobile credit
Sarpong stressed that internet access should no longer be treated as a luxury.
“It has become part and parcel of everyday life. Any intervention in data pricing will directly affect households,” he said.
Perception vs economic data
Unlike traditional inflation metrics, the study focused on household perceptions and real spending patterns to measure economic pressure.
Sarpong explained that this approach helps bridge the gap between official macroeconomic data and realities on the ground.
“Sometimes the figures look better in the books than what citizens are experiencing,” he said.
The researcher warned that failure to address the situation could have broader economic consequences.
“If these trends continue unchecked, people may abandon formal employment or rely heavily on informal survival strategies, weakening productivity,” he said.
He called on policymakers to intervene in key sectors driving costs, particularly energy, transport and telecommunications.
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