Household incomes in Ghana are devaluing at record speed as a result of high inflation official data shows.
This is according to a survey by the Ghana Statistical Service – COVID-19 households and job tracker survey 2021 (wave 3).
With views from a total of 7,999 households across the country sampled, the survey said households are facing serious inflation while incomes have not been improving at all.
It said household incomes have generally not recovered from the impact of COVID-19 since the first case was recorded in Ghana in March 2020.
The report said households that depended on non-farm family businesses saw the biggest income reduction. 70% of the respondents said their incomes have been reduced by more than half, while 30% of them say theirs have remained at the same level.
And amidst the income erosion, there have been hikes in food prices as well. Some 73.4% said that they experienced an increase in the price of major food items.
The Northern, North East, Upper West, Upper East and Savannah regions, were the worst hit by food insecurity, according to the survey.
It reported that 51% of the respondents in the Savannah zone were worried about not having enough food, 54.1% were unable to eat healthy and preferred foods, while 49% of them had to skip a meal.
From January to October 2021, 43% of families relied on savings, 42.9% reduced food consumption, 35% received assistance from families, 18% borrowed from families and 15% sold assets.