Ghanaians live out of corruption due to high cost of living- Dr Lord Mensah

    /    Jul 11, 2017   /     Business, NewsBreak  /    Comments are closed  /    228 Views

“Ghanaians are living out of corruption that is why corruption is also going up”, that is according to Economist, Dr. Lord Mensah.

According to him, “there is a strong correlation between corruption and standard of living especially when the style of living are high and production is low in the local form”, hence when the standard of living becomes high, corruption also gets rife.

He was contributing to a discussion on a survey done by a company called, MoveHub that ranked Ghana as the African nation with the highest cost of living.

The company is dedicated to helping people move abroad and it based its calculations on the price of groceries, transport, bills, restaurants and renting a home.

The calculation was then placed on an index, which used New York as the benchmark. After giving New York a score of 100, MoveHub ranked other countries in relation to New York. A country that scored higher than 100 is more expensive than New York, while scoring below signals that it is cheaper. Ghana ranked number 20 on the list of 21 countries.

The last five countries on the list, including Ghana, were Italy (which shared the 20th rank with Ghana), Israel, Kuwait, Japan, and New Zealand. The top five countries were (by rank) Bermuda, Switzerland, Hong Kong, Iceland, and Singapore.

Though New York was used as a barometre, the USA as a country ranked number 15 because it is considerably less expensive to live in areas outside of large cities like New York.

Speaking on the report on the Monday July 10 edition of Daybreak Kapital, the economist backed the survey attributing it to the fact that Ghana is an import-driven country.

“The research is very, very true, if you look at a country that is more or less import driven.., the price of every commodity that you see on the shelve will have a foreign component of price in it and at the same time too you are going to see the transportation cost of getting that particular item into the market.”

“Everybody wants to grab something somewhere to fill it, you ask yourself the kind of structures people are building, match it up to their salary because any environment where the standard of living are high at the end of the day you going to have people catching up with that standard of living and it will be through dubious means.” He added.

He lamented the vast gab between the rich the poor, saying it is so high and that is whey people try to catch up though through dubious means.

Suraya Alidu Malititi | kapital

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