Macroeconomic progress in Ghana has not improved the daily lives of most citizens. A report by the Africa Policy Lens (APL) think tank highlights this disconnect. Many Ghanaians still face high living costs. This situation creates pressure on households. The APL released its first Ghana Wellbeing Tracker report. It is based on a nationwide survey.
The survey found that rising costs create a gap. This gap is between economic improvements and real-life situations. The report states that positive economic trends have not reached many homes. Benefits of economic stability have not led to better daily conditions. Citizens still feel economic strain. This happens even as key economic figures look better. Ghana's overall economic wellbeing scored 58.5. This score is on the Ghana Wellbeing Index. APL calls this an economy that is stable but fragile. The economy is out of its worst phase. However, the recovery is not equal for everyone. It varies a lot from one household to another. It also differs between regions.
The Cost-of-Living Pressure Index scored 44.7. This index is in the high-pressure category. It is the weakest part of Ghana's economic wellbeing. Inflation has been going down for a while. But prices for important things are still high. Households still pay a lot for food and services. The report points out a key difference. This is between how fast prices rise and their actual levels. Prices are not going up as quickly. But the cost of living overall remains high. People's ability to buy things is limited. Concerns about affordability affect daily life.
The Employment and Income Security Index scored 59.3. This suggests some stability in jobs. However, the report warns this number hides problems. There is income fluctuation. Many jobs are in the informal sector. Job security is often low. The Household Income Momentum Index scored 52.9. This shows income trends are mostly flat. Some households report small income gains. Others see their incomes fall. This leads to an uneven recovery. The labour market is active. But it is not strong enough to improve life for many people. The SME and Local Business Conditions Index scored 56.9. This suggests businesses are operating. But they are not reaching their full potential. Small and medium-sized businesses face problems. These include low customer demand. Input costs are also high. Getting affordable loans is difficult. These issues stop businesses from growing. They also limit investment. Job creation is also affected.
SMEs are very important for Ghana's economy. They create many jobs. They are a main source of income. The report warns that their weak performance slows down economic recovery. Problems in the SME sector also mean incomes stay low. This stops economic gains from reaching more people. On a positive note, the Financial Stress and Resilience Index scored 78.9. This is a strong score. It means households feel quite financially stable. They are also optimistic about the future. This suggests that despite current troubles, people expect things to improve. This positive outlook could help economic recovery. This is especially true if policies support it. APL will now release wellbeing reports every three months. This will help track how households experience the economy.