&w=64&q=75)
A newly settled resident in Ghana has expressed strong disapproval of the widespread practice of quoting real estate and rental prices in US dollars rather than Ghanaian cedis. This trend, increasingly common in the country’s urban housing market, has sparked debates over its fairness and impact on local residents.
“You’re charging US dollars in Ghana. Why? This just doesn’t make any sense to me. There are landlords and builders here that are trying to rent and sell properties in dollars in Ghana. Can we go to the US and charge in cedis?” she remarked.
She labelled the practice as an exploitation of Ghanaian citizens and encouraged members of the diaspora not to endorse this approach.
''What average Ghanaian can afford to live on a US property in Ghana?'' She questioned
According to her, the reliance on foreign currency for local transactions places undue financial strain on citizens, many of whom are already grappling with economic challenges.
Housing Challenges Amidst a Modest Minimum Wage
The issue of pricing properties in dollars exacerbates the existing housing difficulties in Ghana. The national minimum wage, as of 2024, stands at 18.15 edis per day, equating to roughly 544.5 cedis per month for a full-time worker. With many rental properties demanding several hundred or even thousands of dollars per month, the vast majority of Ghanaians are priced out of adequate housing options.
The high rental costs are further compounded by the customary demand for tenants to pay one or two years’ rent upfront. This burdensome expectation places decent housing beyond the reach of many, particularly for those earning modest wages. The disparity between income levels and housing costs highlights the urgent need for reforms to create a more inclusive rental market.