This article provides a detailed comparison between Ghana and Sierra Leone, covering aspects such as cost of living, economic indicators, and unemployment rates. It aims to offer valuable insights into the similarities and differences between these two West African nations.
Economic Overview
Ghana's GDP per capita is $2,406, ranking 150 out of 197 countries, while Sierra Leone's is $873, ranking 183 out of 197. In 2024, Ghana's government deficit was -$6.36B, equivalent to -7.68% of its GDP. Over the past 25 years, Ghana recorded a fiscal deficit in 25 of those years, while Sierra Leone ran a deficit in 24 years. Over the past 29 years, Ghana has recorded an average annual inflation rate of 18.6%, compared with 14.1% in Sierra Leone.
The Economic Freedom Index for Ghana is 56, ranking 124 out of 197, compared to 48 for Sierra Leone, ranking 173 out of 197.
Key Economic Indicators:
- GDP per capita: Ghana ($2,406) vs. Sierra Leone ($873)
- Economic Freedom Index: Ghana (56) vs. Sierra Leone (48)
- Average Annual Inflation Rate (29 years): Ghana (18.6%) vs. Sierra Leone (14.1%)
The current account balance reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. Gross National Income (GNI) measures a country's total income, encompassing income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries.
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Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure.
Unemployment Comparison
The statistical analysis conducted on geographies consisting of 199,867,577 people shows a poor negative correlation between the proportion of Immigrants from Ghana and unemployment in the United States with a correlation coefficient (R) of -0.109 and weighted average of 6.1%. Similarly, the statistical analysis conducted on geographies consisting of 101,634,526 people shows a poor positive correlation between the proportion of Immigrants from Sierra Leone and unemployment in the United States with a correlation coefficient (R) of 0.178 and weighted average of 5.8%, a difference of 3.8%.
Unemployment Correlation Summary
Here's a summary of the unemployment correlation between immigrants from Ghana and Sierra Leone:
| Measurement | Immigrants from Ghana | Immigrants from Sierra Leone |
|---|---|---|
| Minimum | 0.50% | 1.5% |
| Maximum | 13.4% | 17.8% |
| Range | 12.9% | 16.3% |
| Mean | 6.0% | 6.1% |
| Median | 5.6% | 5.7% |
| Interquartile 25% (IQ1) | 4.9% | 4.9% |
| Interquartile 75% (IQ3) | 7.4% | 6.5% |
| Interquartile Range (IQR) | 2.5% | 1.6% |
| Standard Deviation (Sample) | 2.4% | 2.8% |
| Standard Deviation (Population) | 2.4% | 2.8% |
In terms of unemployment, the demographic groups most similar to Immigrants from Ghana are Immigrants from the Azores (6.1%, a difference of 0.080%), Aleut (6.1%, a difference of 0.13%), African (6.1%, a difference of 0.15%), Immigrants from Mexico (6.0%, a difference of 0.73%), and Immigrants from Western Africa (6.0%, a difference of 0.73%).
HOW MUCH MONEY DO YOU NEED TO LIVE COMFORTABLY IN GHANA | RENT, FOOD, TRANSPORT, SCHOOL FEES ETC.
Cost of Living
We calculate prices for Ghana and Sierra Leone as a population-weighted mean of 10 and 3 cities, respectively. Since large cities tend to have a higher cost of living, it's better to visit specific city pages for more relevant information.
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Prices in Ghana vs. Sierra Leone
The following table compares the prices of various goods and services in Ghana and Sierra Leone:
| Item | Ghana | Sierra Leone |
|---|---|---|
| Lunch Menu | $4.47 | $2.9 |
| Dinner in a Restaurant, for 2 | $38.9 | $26.5 |
| Fast food meal, equiv. McDonald's | $6.54 | $7.28 |
| Beer in a Pub, 0.5 L or 16 fl oz | $1.04 | $1.21 |
| Cappuccino | $1.93 | $1.65 |
| Pepsi / Coke, 0.5 L or 16.9 fl oz | $0.73 | $1.04 |
| 1 bedroom apartment in Downtown, 40 m2 or 430 ft2 | $202 | $857 |
| Cheap 1 bedroom apartment, 40 m2 or 430 ft2 | $121 | $797 |
| 3 bedroom apartment in Downtown, 80 m2 or 860 ft2 | $592 | $1545 |
| Cheap 3 bedroom apartment, 80 m2 or 860 ft2 | $413 | $168 |
| Utility Bill one person, electricity, heating, water, etc. | $29.1 | $79.6 |
| Utility Bill for a Family, electricity, heating, water, etc. | $44.9 | $123 |
| Internet plan, 50 Mbps+ 1 month unlimited | $39.8 | $75.3 |
| Mortgage Interest Rate for 20 Years | 26.91% | 12.71% |
| Apartment price to Buy in city Center, 1 m2 or 10 ft2 | $6762 | $1514 |
| House price to Buy in Suburbs, 1 m2 or 10 ft2 | $3918 | $935 |
| Local transport ticket | $0.79 | $0.46 |
| Monthly ticket local transport | $27.5 | $17.9 |
| Taxi Ride, 8 km or 5 mi | $10.4 | $10.9 |
| Gas / Petrol, 1 L or 0.26 gal | $0.96 | $1.02 |
| Milk, 1 L or 1 qt | $2.27 | $1.9 |
| Bread, 0.5 kg or 1.1 lb | $1.33 | $0.53 |
| Rice, 1 kg or 2.2 lb | $1.91 | $0.98 |
| Eggs, x12 | $2.11 | $1.74 |
| Cheese, 1 kg or 2.2 lb | $8.8 | $6.88 |
| Chicken Breast, 1 kg or 2.2 lb | $4.73 | $6.12 |
| Round Steak, 1 kg or 2.2 lb | $5.55 | $5.27 |
| Apples, 1 kg or 2.2 lb | $2.22 | $3.11 |
| Banana, 1 kg or 2.2 lb | $1.11 | $2 |
| Oranges, 1 kg or 2.2 lb | $1.2 | $0.71 |
| Tomato, 1 kg or 2.2 lb | $2.24 | $3.66 |
| Potato, 1 kg or 2.2 lb | $2.4 | $1.7 |
| Onion, 1 kg or 2.2 lb | $1.75 | $1.62 |
| Water, 1 L or 1 qt | $0.35 | $0.94 |
| Coca-Cola / Pepsi, 2 L or 67.6 fl oz | $1.6 | $1.09 |
| Wine (mid-priced), 750 mL bottle | $3.8 | $5.76 |
| Beer, 0.5 L or 16 fl oz | $1.22 | $0.89 |
| Cigarette pack | $1.36 | $2.43 |
| Cold medicince, 1 week | $5.1 | $1.53 |
| Hair Shampoo | $1.96 | $1.2 |
| Toilet paper, 4 rolls | $0.89 | $0.78 |
| Toothpaste, 1 tube | $0.71 | $0.79 |
| Gym Membership, 1 month | $26.7 | $40 |
| Cinema Ticket, 1 person | $8.96 | $1.68 |
| Doctor's visit | $24.1 | $15.1 |
| Haircut, simple | $3.94 | $2.91 |
| Brand Jeans | $14.4 | $10 |
| Brand Sneakers | $28.9 | $63.1 |
| Daycare or Preschool, 1 month | $77.6 | $87.4 |
| International Primary School, 1 year | $6277 | $3157 |
Cost of Living in Cities
Here's a comparison of the cost of living in specific cities in Ghana and Sierra Leone:
| City | Country | Cost of Living | Population |
|---|---|---|---|
| Bo | Sierra Leone | $1283 | 234K |
| Freetown | Sierra Leone | $1347 | 951K |
| Kenema | Sierra Leone | $1281 | 188K |
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