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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    BoG Governor confident inflation has peaked; expects rate to start declining

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    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Government to invest heavily in internet safety – Ursula pledges

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    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

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    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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Household incomes reducing at record levels post-COVID – GSS

January 27, 2022
in Local Economy, News, Top Stories
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Ghanaians across the country continue to record reductions in household incomes, while the cost of items such as food continues to be on the rise.

This is according to a report by the Ghana Statistical Service dubbed COVID-19 households and job tracker survey 2021.

The survey sampled views from a total of 7,999 households across the country.

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If any situation has given more meaning to the statement, desperate times require desperate measures, it is the life of Ghanaians within this COVID-19 period.

More families have had to adjust to increasing expenditures with limited resources.

The Ghana Statistical Service in its Wave 3 COVID-19 households and jobs tracker revealed that more Ghanaians were forced to cope in varying ways as they saw a reduction in their income levels.

For most families, their income levels have not recovered to the pre-COVID-19 period–thus, the period before Ghana’s first case on March 12, 2020.

According to the report, most of the households that depended on non-farm family businesses saw the biggest income reduction.

70% of the respondents say their incomes have been reduced by more than half, while 30% of them say theirs have remained at the same level.

Though their incomes had reduced drastically, most of them had shockingly experienced hikes in food prices. About 73.4% indicated that they experienced an increase in the price of major food items.

While this is estimated to be the experience of the average Ghanaian, the survey indicates that regions categorised within the Savannah Zone, namely, Northern, North East, Upper West, Upper East and Savannah regions, were the worst affected by food insecurity.

51% of the respondents in that side of the country 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.

In addition to this, the average family expended about GH¢12 of their income on COVID-19 personal productive equipment.

To cushion themselves, most of them were forced to adopt several strategies to survive. Amongst them is the strategy of borrowing to support their households.

Within the period of 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.

Meanwhile, COVID-19 was not the main reason for most of the persons who were without jobs at the time of the survey.

The findings also revealed that more persons were not tested for COVID-19 and that it was difficult to get tested for the virus.

Source: Hanson Agyemang & Fred Duhoe
Tags: COVID-19GSSIncome
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