Ghana is witnessing high inflation which has affected every sector of the nation and making households experience difficult times. On Wednesday, November 9, the Ghana Statistical Services (GSS) announced that inflation rate for October was 40.4%. This is really very high and difficult for many households to cope with. What this means is that in the month of October 2022 the general price level was 40.4% higher than in October 2021.
It is very clear that Ghana is going through a torrid time with citizens having to deal with the high cost of living and massive depreciation of the cedi against the dollar and other currencies.
The high inflation amongst other hardships in the country left many people complaining. This article provides five things to do to help one survive the current economic crisis bedeviling Ghana and it was first posted on pulse.com.gh.
Inflation is typically the result of an imbalance in supply or demand. What makes this period of inflation somewhat unique, however, is that the economy is experiencing pressure both locally and globally.
Shop around for the best prices
Resist the temptation to accept the first offer or price for any item/good or service that comes your way. Look around for better prices or better offers.
Keep track of your finances
Monitoring or tracking one’s finances or expenditures is one sure way to cut ‘unnecessary’ expenses in other to save yourself some cash in these hard times. Not keeping track of what you spend your money on will make it impossible to cut down on unplanned expenses.
Pay off your debt
As much as possible try and pay off all debts. In these difficult economic times, defaulting on your debt repayments is very easy for one to do, but resist the temptation as it may affect your ability to secure a loan facility in the future.
Don’t neglect savings
Times are hard but never forget to put some money away for a rainy day. An emergency fund is key; Open a savings account and put some money there only for emergencies.
Yes, inflation is high, but if you’re investing, cutting costs where you can, and avoiding (if possible) highly inflated items, you’re a step ahead of many others.