The country’s recent trend of price increases has been persistent and consistent over the past few years, with extremely high inflation rates.
In December 2022, there was a 54.1% increase in the inflation rate, one of the highest the country has ever recorded.
This significant increase has affected the prices of items on the market, with the cedi depreciating alongside.
The government has attributed the economic downturn in Ghana to factors such as the Russia-Ukraine war and other external influences, leading to a continuous rise in the prices of goods in various markets.
The impact of the high inflation rate has been felt across sectors such as health, education, transport, and others.
The average Ghanaian is now struggling to afford healthcare, education, and even necessities like food.
For university students, excelling academically is a top priority. However, they are facing challenges due to the rapidly increasing unemployment rate and rising living costs on campus.
From exorbitant hostel prices to frequent hikes in school fees and the rising cost of essential items like food, students are feeling the financial strain.
After a two-week vacation break, students returned to school to find increased prices on almost everything they needed, including food items, transportation fares, and LPG.
This situation, resulting from a recent 25% inflation rate affecting diesel and petrol prices, has raised concerns among students as they now have to spend more than before.
For a student buying food alone, approximately 50gh would be spent per day, totalling 1500gh per month for three meals a day.
This amount does not include toiletries, transportation fares, and other necessary expenses. Cooking for oneself has become time-consuming and challenging.
The average university student’s monthly budget may look like this:
– Prepaid: 100gh
– LPG: 120gh
– Groceries with basic food items: 500gh
– Transportation: 200gh
– Miscellaneous: 100gh
The question arises: Can every student afford this amount every month?
As market prices rise and parents’ and guardians’ salaries remain stagnant, many are struggling to meet their wards’ basic needs.
To manage their finances, students have resorted to reducing the number of meals they eat, such as having only one meal a day or skipping meals altogether.
A common trend among students in managing their finances is to reduce the frequency of their meals: 1-0-1 (breakfast and supper), 0-0-1 (supper only), or the most popular choice, 0-1-0 (lunch only). Lunch is often delayed until late afternoon to sustain them until the following morning.
This not only affects their health but also impacts their academic performance.
Financial difficulties have led some students to run into trouble with school management for failing to pay their fees, causing stress and anxiety, especially during exam seasons.
This has contributed to a decline in mental health among university students, with an increase in attempted suicide and suicide cases over the past few years.
While some students find ways to make extra money, it is often not enough to alleviate their financial burdens.
Many are unable to work full-time due to their class schedules, leading them to rely on support from peers or engage in illicit activities to make ends meet.
Life for university students in Ghana is a constant struggle, with the pursuit of education intertwined with financial challenges in a tough economic climate.
