The 2024 KPMG West Africa Banking Industry Customer Experience Survey has revealed that food and dining (66%) and transportation (44%) remain the top two expense areas for Ghanaians.
Adding that rising costs of fuel and essential goods continue to strain household budgets, limiting discretionary spending and long-term financial planning. As a result, many Ghanaians have adopted cost-saving measures, including seeking cheaper alternatives for food and clothing.
Financial pressures, the survey also notes, have influenced personal decisions, with 50% of survey respondents considering emigration to escape persistent economic hardships.
According to KPMG, the cedi’s ongoing depreciation against major foreign currencies has fueled inflation, significantly increasing the cost of necessities such as food, fuel, and housing. The country’s high debt-to-GDP ratio, projected at 75% in 2024, has further compounded these economic challenges.
Following the IMF bailout and debt restructuring in May 2023, Ghana’s inflation rate decreased from 42% in May
2023 to 23% in November 2024, with the economy showing signs of recovery.
GDP growth is increasing, reflecting a rebound from the inflationary pressures and currency depreciation that marked 2022 and 2023.
Despite these positive changes, KPMG notes that Ghanaians are still feeling the impact of the economic challenges.
