Ghana has been ranked 6th in Africa among 16 African countries with the highest Cost of Living and Rent Index.

According to Numbeo, the country scored 21.0 points.

It also placed 6th in the Groceries Index with a score of 33.9.

Cameroon placed 1st on the continent with the highest Cost of Living and Rent Index (27.5).

It was followed by Nigeria (27.1) in 2nd place.

Zimbabwe (24.1) and Mauritius (24.1) placed a joint 3rd, whereas South Africa placed 5th.

For local purchasing power, South Africa placed 1st with a score of 102.8.

It was followed by Botswana in the 2nd position with a score of 64.4.

In 3rd and 4th positions were Mauritius (43.2) and Libya (42.0).

Ghana placed 12th among the 16th African countries.

A country's purchasing power is a crucial indicator of its economic health and prospects.

It denotes the stability of the economy, while a low one typically signals an economic crisis.

A high purchasing power also indicates higher consumer spending and consequently expansion in industries and businesses.