A report by Women in Informal Employment: Globalizing and Organizing (WIEGO) discovered that in 2022, around 850,000 Ghanaians, mostly women, became extremely poor. This happened due to several reasons, such as Ghana owing a large sum of money and other countries not purchasing goods from Ghana.
In October 2023, a study revealed that despite Ghana somewhat recovering from COVID-19 in 2021, many of these 850,000 individuals faced difficulties because prices significantly increased.
The research indicated that Ghana heavily relies on imports from other countries. When these imports became more expensive, it led to an overall rise in prices within Ghana. Consequently, in 2022, numerous individuals fell into poverty because they couldn’t afford the higher prices.
During the study conducted in October 2023, it was observed that prices continued to rise significantly. On average, prices were 35% higher than before. Basic necessities such as food, healthcare, housing, water, electricity, transportation, and education became much more expensive.
Additionally, the report highlighted that those most affected by the increased prices were individuals working in informal jobs. These jobs are not affiliated with large companies or the government. In Ghana, the majority of people work informally. Since they lack benefits like retirement savings or assistance during financial hardships, they face the greatest challenges when prices rise.
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