Ghana is rated alongside Angola, Ethiopia and Nigeria faced with rising prices. These four countries are expensive to stay in, according to Nielsen Africa Prospects Report.
Ghana is among countries with high inflation rates in Africa. Currently, March inflation stands at 19.2%.
“The cash outlay for Angolan and Ghanaian consumers are some of the highest in sub-Saharan Africa. A like-for-like basket of essentials costs almost US$34 in Angola and US$27.50 in Ghana, compared to South Africa at US$15.33,” the report said.
But adds that "Inflation is one of the most realistic indicators of the conditions consumers face."
On average, Food accounts for 30% of the African consumer’s basket, with this figure increasing to as much as 43% and 45% in Ethiopia and Angola, according to the report.
Cedi stability slowed inflation rise from 19.0 to 18.5 in March but that did not revive consumer spending.
The report notes that "Higher inflation levels dampen views on spending as consumers have less or no spare cash, forcing curtailed spending."
Retailers do not believe that the ease of doing business with manufacturers will improve.
Value sales have grown in Ghana, Kenya, Cameroon and Uganda, but not units, reflecting the impact of rising prices and inflation.
In Nigeria, sales are declining in both value and units as consumers face a combination of wallet pressures.