Standard Of Living Of Ghanaians On The Decline

A market research report says the living standard of Ghanaians has fallen. The Pan African group, Research International, further explains that the purchasing power of individual consumers and households in the country has also declined over the past two years.

The report flies in the face of Ghanaian business decision makers who consider the Ghanaian economy with a growth rate of 5.8 and a decrease in base rate from 40% to 25% in 2004, a vast improvement on the country's previous achievements. But according to the researchers, the average living standard of the Ghanaian consumer has not improved relatively to the country's economic indicators.

The General Manager of the Pan African Business Unit of Research International, Miss Tendai Mhizha, who spoke to the media stressed that these are pretty consistent with other living standards across Africa, adding that the quality of life and affordability for goods and services has been on the decline for overall wealth of the nation.

Miss Mhizha emphasized the need for media and public organizations to educate the public about the realities of the findings. She says consumers and producers alike need enough information to guide their economic activities.