Cost Of Living For a Student in Ghana 2024
Average Monthly Expenditure
Currency: GHS
Average monthly spending for students in Ghana
How much money does a student need in a month to survive in Ghana?
Students in Ghana spend around 2,600 GHS per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 390 GHS or as high as 17,000 GHS. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Ghana
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 13,000 GHS | 25,000 GHS | 34,000 GHS |
Bus ticket one way
Car Service
Utility cost (monthly)
Utility Bill - Student
Internet and cable
Mobile phone charges
Leisure and activities costs
Movie ticket
One month gym membership
Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt
Housing costs / monthly rent
Studio apartment
| 420 GHS | 640 GHS | 1,700 GHS |
1-bedroom apartment
| 640 GHS | 1,000 GHS | 2,500 GHS |
2-bedroom apartment
| 850 GHS | 1,300 GHS | 3,400 GHS |
Housing costs / Buying
Studio apartment
| 85,000 GHS | 130,000 GHS | 250,000 GHS |
1-bedroom apartment
| 100,000 GHS | 170,000 GHS | 640,000 GHS |
2-bedroom apartment
| 170,000 GHS | 510,000 GHS | 1M GHS |
Furniture Costs
King Size Bed
Double Bed
Single Bed
Living Room
| 570 GHS | 730 GHS | 2,500 GHS |
Dining Table
Sofa or Couch
| 340 GHS | 460 GHS | 1,000 GHS |
Electronics and House Appliance Costs
TV Set
| 340 GHS | 510 GHS | 1,000 GHS |
Fridge or Freezer
Washing Machine
| 390 GHS | 570 GHS | 1,000 GHS |
Stove or Cooker
Mobile Phone
Laptop or Computer
| 460 GHS | 570 GHS | 1,000 GHS |
How do students spend their money in Ghana?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost17%
17% of total expenses on average (12% to 23%)
| LOW | $7.4 94 GHS |
| AVERAGE | $49 630 GHS |
| HIGH | $330 4,200 GHS |
| Per Month |
Students in Ghana typically spend from 12% to 23% of their total monthly expenditure on housing with 17% being the average. The average monthly spend on housing is 630 GHS with expenditure ranging from 94 GHS to 4,200 GHS. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for students
Cost of utilities7%
7% of total expenses on average (5% to 11%)
| LOW | $1.2 16 GHS |
| AVERAGE | $8.2 100 GHS |
| HIGH | $55 700 GHS |
| Per Month |
Utility expenditure like electricity, water, and gas in Ghana ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 100 GHS with 16 GHS and 700 GHS being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $2.2 27 GHS |
| AVERAGE | $14 180 GHS |
| HIGH | $96 1,200 GHS |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 27 GHS to 1,200 GHS in a month on commuting with 180 GHS being the norm for most students. This means that money spent on transport constitutes about 4% of total spending on average but can go as low as 4% or as high as 10%.
Food, groceries, and basic shopping expenditure for students
Food and Groceries Cost23%
23% of total expenses on average (17% to 27%)
| LOW | $6.2 79 GHS |
| AVERAGE | $41 520 GHS |
| HIGH | $270 3,500 GHS |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Ghana is 520 GHS. The cost of groceries can range between 79 GHS to 3,500 GHS. Students spend on average about 23% on food and groceries with upper and lower bounds of 17% and 27% respectively.
Healthcare and medical services expenditure for students
Cost of healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $1.8 24 GHS |
| AVERAGE | $12 160 GHS |
| HIGH | $82 1,000 GHS |
| Per Month |
Students in Ghana allocate 6% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 9%. The range of medical expenses range from 24 GHS to 1,000 GHS with 160 GHS being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping2%
2% of total expenses on average (2% to 6%)
| LOW | $1.5 20 GHS |
| AVERAGE | $10 130 GHS |
| HIGH | $68 870 GHS |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 20 GHS to 870 GHS with 130 GHS being the average. Speaking of percentages, that equates to 2% to 6% of total expenses with an average of 2% for most students.
Education and schooling expenditure for students
Cost of education and schooling18%
18% of total expenses on average (11% to 23%)
| LOW | $5.9 75 GHS |
| AVERAGE | $39 500 GHS |
| HIGH | $260 3,300 GHS |
| Per Month |
Spending on education can vary drastically between different students. On average, education constitutes 18% of the monthly expenditure of students with 11% and 23% being the lower and upper bounds respectively. The average reported education cost is 500 GHS per month with 75 GHS being the minimum spent amount and 3,300 GHS being the maximum.
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $4.6 59 GHS |
| AVERAGE | $31 390 GHS |
| HIGH | $210 2,600 GHS |
| Per Month |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Ghana
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Ghana?
Around 48% of surveyed students think that living in Ghana is affordable with proper budgeting while 52% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Ghana
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked students how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options55%
Few low-cost options45%
Based on the survey, 55% of the students living in Ghana have no problem finding low-cost alternatives to support a frugal lifestyle while 45% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds For Students
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked students of Ghana whether they have an emergency fund and the answers were as follows.
Yes47%
No53%
Based on the survey, 53% of the students living in Ghana said that they don't have an emergency fund while 47% said that they do.
Financial Literacy in Ghana
Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.
Financial Leteracy43%
We asked student guardians and parents in Ghana whether they acquired any adequate personal financial training in their lives. Approximately 57% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 43% said that they know about the general principles of personal finance from sources other than their own experience.
Difficulty in Budgeting and Financial Planning
We wanted to understand whether students of Ghana have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 51% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 49% said that they have everything under control.
Struggles with finance51%
Easily manages finances49%
Housing costs, accommodation, and housing affordability in Ghana
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Ghana
Monthly Rent Prices
Studio apartment monthly rent cost
| 420 GHS | 640 GHS | 1,700 GHS |
1-bedroom apartment monthly rent cost
| 640 GHS | 1,000 GHS | 2,500 GHS |
2-bedroom apartment monthly rent cost
| 850 GHS | 1,300 GHS | 3,400 GHS |
3-bedroom apartment monthly rent cost
| 1,000 GHS | 1,700 GHS | 4,600 GHS |
Furnished apartment monthly rent cost
| 2,000 GHS | 5,100 GHS | 10,000 GHS |
Townhouse monthly rent cost
| 1,700 GHS | 2,500 GHS | 7,300 GHS |
House monthly rent cost
| 2,000 GHS | 5,100 GHS | 10,000 GHS |
Villa monthly rent cost
| 2,500 GHS | 6,400 GHS | 10,000 GHS |
The monthly rental cost of a studio apartment in Ghana ranges between 420 GHS and 1,700 GHS, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 640 GHS to 2,500 GHS. Two-bedroom rentals rate ranges between 850 GHS and 3,400 GHS per month. The monthly rental for a three-bedroom apartment ranges from 1,000 GHS to 4,600 GHS. The average rent of a townhouse in Ghana is around 2,500 GHS while house rental costs can be as high as 5,100 GHS per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,500 GHS to 10,000 GHS per month.
Apartment and house prices in Ghana
Cost of buying a property
Studio apartment price
| 85,000 GHS | 130,000 GHS | 250,000 GHS |
1-bedroom apartment price
| 100,000 GHS | 170,000 GHS | 640,000 GHS |
2-bedroom apartment price
| 170,000 GHS | 510,000 GHS | 1M GHS |
3-bedroom apartment price
| 570,000 GHS | 850,000 GHS | 2.5M GHS |
Townhouse price
| 730,000 GHS | 1.7M GHS | 6.4M GHS |
| $57,000 | $130,000 | $500,000 |
House price
| 850,000 GHS | 5.1M GHS | 7.3M GHS |
| $67,000 | $400,000 | $570,000 |
Villa price
| $80,000 | $440,000 | $670,000 |
The average price of a studio apartment in Ghana can range from 85,000 GHS to 250,000 GHS depending on location. One bedroom cost can be anywhere from 100,000 GHS to 640,000 GHS. A villa can cost you 5.7M GHS on average with prices ranging from 1M GHS to 8.5M GHS.
If you're leasing or purchasing, housing costs in Ghana will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
| 30 | x85 monthly income | 191 |
Property prices in Ghana can be x85 to x191 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x85 multiples of the average monthly salary in Ghana.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Ghana is around 28%. This means that people pay 28% of their income for rent. Those figures can range from 18% to 38% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
26% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
| 7.9 GHS | 100 GHS | 1,000 GHS |
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
Monthly costs and expenses of energy and basic utilities in Ghana
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Ghana
Utility Bill Cost / Electricity + Water + Gas / Student
Internet and cable cost
Mobile phone bill and charges
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly energy and water consumption of students is around 100 GHS. The cost of internet and WiFi ranges from 25 GHS to 68 GHS with 51 GHS being the average internet bill. Finally, the average monthly mobile charges is around 34 GHS but can range between 20 GHS and 100 GHS depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Ghana is around 7%. This means that people pay 7% of their income for energy, water, internet, and mobile charges. Those figures can range from 4% to 11% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Ghana
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Ghana
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Ghana is approximatly 10 GHS with meal cost ranging from 5.1 GHS to 17 GHS. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 17 GHS and 51 GHS with 25 GHS being the average price of a plate for one person at a regular restaurant in Ghana.
Fine dining meal for one price
The price range of a meal at fine-dining restaurant is 34 GHS to 200 GHS with the average cost being 51 GHS for one person. This is what you would expect to pay a top-tier diner in Ghana.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Ghana is around 6.8 GHS. Price ranges between 4.2 GHS and 10 GHS depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Ghana is 4.1 GHS. The maximum what you would pay for milk is 5.1 GHS and the minimum being 3.4 GHS depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 3.4 GHS on average with 2.5 GHS and 5.1 GHS being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Ghana is between 5.8 GHS and 11 GHS depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 7.5 GHS.
Pack of beef price
The price of a regular pack of beef or meat is around 10 GHS. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Ghana costs around 3.7 GHS on average with prices rangeing between 2.7 GHS and 5.3 GHS depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 1 GHS to 2.5 GHS. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 2.4 GHS on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Ghana is around 27%. This means that students spend 27% of their income on grocery and basic household items. The expenditure can range from 19% to 33% depending on salary and location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 79 GHS to 3,500 GHS with the location, income, and size of the student being the most determinite factors.
