IN Ghana, the relentless surge in inflation continues to take its toll on families across the nation, as the cost of goods and services skyrockets, leaving many struggling to make ends meet.
Mercy Adobea, a 43-year-old hospitality worker, lamented the dire situation, revealing how her monthly income barely covers the basic necessities for her family of five. ‘I earn about $115 a month, of which I spend $90 on food and transportation. But because of inflation, I now spend an extra $22 on food and transportation, leaving me with virtually nothing,’ Adobea told Xinhua news agency.
With the rising prices outpacing income growth, Adobea emphasised the urgent need for government intervention. ‘How can I take care of the children and myself if there is a health problem? It is high time the government paid attention to the rising cost of living and did something to alleviate our suffering,’ she pleaded.
Echoing similar sentiments, Emmanuel Eshun, a 56-year-old art teacher in Tema, expressed his frustration over the lack of stability in prices. ‘The prices of goods and services in the country are unstable and change from time to time. The same cannot be said about our income levels, as they are increased annually at very low rates. This makes planning for the family and meeting other expenses difficult,’ Eshun explained.
Recent data from the Ghana Statistical Service revealed a staggering inflation rate of 25.8 percent year on year in March, following a brief easing to 23.2 percent in February. This spike in inflation exacerbates the economic challenges facing Ghanaians, including currency volatility, escalating public debt, and the soaring cost of living.
In response to the crisis, the Ghanaian government secured a $3bn loan from the IMF in May last year, aiming to jumpstart economic recovery. However, many, like Eshun, remain hopeful yet cautious about the prospects of improvement. ‘We hope that recovery will come soon,’ he remarked, emphasising the urgent need for tangible solutions to alleviate the burden on ordinary citizens.