Table of Contents
Ghana’s economic landscape from 2010 to 2025 has experienced significant growth, with the GDP projected to reach $75.761 billion in 2025. Inflation remains high at 18.3%, impacting the cost of living and purchasing power.
Over the 15-year period, the average monthly income has increased from GHS 900 in 2010 to GHS 3,500 in 2025. The early years saw strong double-digit growth, peaking at 20% in 2013 and 2014. However, income growth has slowed considerably in recent years, with only a 0.6% increase in 2025.
The cost of living has risen proportionally, reaching GHS 3,500 in 2025. Housing remains the largest expense at GHS 1,400 per month (40% of total expenses), followed by food at GHS 875 (25%). Transportation, utilities, healthcare, entertainment, and miscellaneous costs account for the remaining 35%.
Housing costs have grown from GHS 360 in 2010 to GHS 1,400 in 2025, reflecting consistent increases in rental prices. Food expenses have risen from GHS 225 in 2010 to GHS 875 in 2025, with a similar pattern of slowing growth.
Despite rising inflation and costs, Ghana’s economic expansion and wage increases have provided some balance, though the slowing income growth in recent years raises concerns about affordability and overall financial stability for its citizens.
Let’s take an in-depth look at Ghana’s economy, income levels, and living costs from 2010 to 2025. Detailed insights on rent, food, and essential expenses.
Country Overview
| Aspect | Details |
|---|---|
| Capital | Accra |
| Population | 34 million (2025) |
| Currency | Ghanaian Cedi (GHS) |
| Official Language | English |
| GDP (2025)⤤ | $75.761 billion |
| Inflation Rate (2025) | 18.3% |
| Average Monthly Income | 3,500 GHS |
Living Cost Per Month (Per Person) Breakdown (2025)
| Expense Category | Cost (GHS) | Percentage (%) |
|---|---|---|
| Housing | 1,400 | 40% |
| Food | 875 | 25% |
| Transportation | 315 | 9% |
| Utilities | 158 | 4.5% |
| Healthcare | 385 | 11% |
| Entertainment | 258 | 7.3% |
| Miscellaneous | 350 | 10% |
| Total | 3,500 | 100% |
Income Per Month (Per Person) (2010-2025)
| Year | Income (GHS) | Growth (%) |
|---|---|---|
| 2010 | 900 | – |
| 2011 | 1,050 | 16.7% |
| 2012 | 1,250 | 19.0% |
| 2013 | 1,500 | 20.0% |
| 2014 | 1,800 | 20.0% |
| 2015 | 2,100 | 16.7% |
| 2016 | 2,300 | 9.5% |
| 2017 | 2,550 | 10.9% |
| 2018 | 2,800 | 9.8% |
| 2019 | 3,000 | 7.1% |
| 2020 | 3,200 | 6.7% |
| 2021 | 3,300 | 3.1% |
| 2022 | 3,400 | 3.0% |
| 2023 | 3,450 | 1.5% |
| 2024 | 3,480 | 0.9% |
| 2025 | 3,500 | 0.6% |
Living Cost Per Month (2010-2025) (Per Person)
| Year | Living Cost (GHS) | Growth (%) |
|---|---|---|
| 2010 | 900 | – |
| 2011 | 1,050 | 16.7% |
| 2012 | 1,250 | 19.0% |
| 2013 | 1,500 | 20.0% |
| 2014 | 1,800 | 20.0% |
| 2015 | 2,100 | 16.7% |
| 2016 | 2,300 | 9.5% |
| 2017 | 2,550 | 10.9% |
| 2018 | 2,800 | 9.8% |
| 2019 | 3,000 | 7.1% |
| 2020 | 3,200 | 6.7% |
| 2021 | 3,300 | 3.1% |
| 2022 | 3,400 | 3.0% |
| 2023 | 3,450 | 1.5% |
| 2024 | 3,480 | 0.9% |
| 2025 | 3,500 | 0.6% |
Breakdown of Housing & Food Costs (2010-2025)
Housing Cost Per Month (2010-2025)
| Year | Housing Cost (GHS) | Growth (%) |
|---|---|---|
| 2010 | 360 | – |
| 2011 | 420 | 16.7% |
| 2012 | 500 | 19.0% |
| 2013 | 600 | 20.0% |
| 2014 | 720 | 20.0% |
| 2015 | 840 | 16.7% |
| 2016 | 920 | 9.5% |
| 2017 | 1,020 | 10.9% |
| 2018 | 1,120 | 9.8% |
| 2019 | 1,200 | 7.1% |
| 2020 | 1,280 | 6.7% |
| 2021 | 1,320 | 3.1% |
| 2022 | 1,360 | 3.0% |
| 2023 | 1,380 | 1.5% |
| 2024 | 1,392 | 0.9% |
| 2025 | 1,400 | 0.6% |
Food Cost Per Month (2010-2025)
| Year | Food Cost (GHS) | Growth (%) |
|---|---|---|
| 2010 | 225 | – |
| 2011 | 263 | 16.7% |
| 2012 | 313 | 19.0% |
| 2013 | 375 | 20.0% |
| 2014 | 450 | 20.0% |
| 2015 | 525 | 16.7% |
| 2016 | 575 | 9.5% |
| 2017 | 638 | 10.9% |
| 2018 | 700 | 9.8% |
| 2019 | 750 | 7.1% |
| 2020 | 800 | 6.7% |
| 2021 | 825 | 3.1% |
| 2022 | 850 | 3.0% |
| 2023 | 863 | 1.5% |
| 2024 | 870 | 0.9% |
| 2025 | 875 | 0.6% |
Sources:
World Bank – Data.worldbank.org
Numbeo – Numbeo.com
OECD (Organisation for Economic Co-operation and Development) –Oecd.org
IMF (International Monetary Fund) – imf.org
