BY PHILIP ANTOH
A COMPANY dedicated to helping people travel abroad has ranked Ghana as a nation with highest cost of living.
The company, MoveHub, based its calculations on the price of groceries, transport, bills, restaurants and renting a home. The calculation was then placed in an index, which used New York as the benchmark.
After giving New York a score of 100, MoveHub ranked other countries in relation to New York. A country that scored higher than 100 is more expensive than New York, while scoring below means it is cheaper.
Ghana ranked number 20 on the list of 21 countries. The last five countries on the list, including Ghana, were Italy (which shared the 20th rank with Ghana), Israel, Kuwait, Japan, and New Zealand.
The top five countries were (by rank) Bermuda, Switzerland, Hong Kong, Iceland, and Singapore.
Though New York was used as a barometer, the United States of America (USA) as a country ranked number 15 because it is considerably less expensive to live in areas outside of large cities like New York.
MoveHub has created a map to show the difference in living costs around the world in 2017 using figures from the Consumer Price Index (CPI) – the world’s largest database of user contributed data about cities and countries worldwide.
In just two years, Bermuda has climbed its way to the top spot becoming the most expensive country to live in, pushing Switzerland out of first place.
This, according to MoveHub, could be due in part to Bermuda’s tax haven reputation, which has attracted the richest and most powerful in recent years.
The company said that may come as a surprise to many, considering high food costs and rising inflation, but the United Kingdom has fallen out of the 20 most expensive countries for the first time since 2009, topped by the likes of Ireland and the USA.
On the other side of the spectrum, the report says Egypt is now the country with the lowest cost of living, moving up six places in two years.
The CPI in the infographic is a relative indicator of a country’s living costs compared to New York. So, for instance, if a country has a CPI of 70, on average it enjoys 30% cheaper living costs compared to New York.