The company, called MoveHub, carried its calculations on the price of grocery stores, transportation, invoices, restaurants and renting a home. The calculation was then placed on an index, which uses New York as a reference.
After giving New York a score of 100, MoveHub ranked other countries relative to New York. A country that has earned more than 100 points is more expensive than New York, and when it is below it is cheaper.
Ghana thus ranked 20th out of a list of 21 countries.
The last five countries on the list, including Ghana, were Italy (which ranked 20th with Ghana), Israel, Kuwait, Japan and New Zealand.
The top five countries were (by rank) Bermuda, Switzerland, Hong Kong, Iceland and Singapore.
Although New York was used as a barometer, the United States was ranked 15th, as it is much less expensive to live in areas outside major cities such as New York.
The population of Ghana is less than 15% of that of Nigeria, which is not on the list. Having a smaller population than some of the most prosperous nations in Africa, with a higher GDP than the potential competitor, Nigeria, is likely to increase the cost of living in Ghana relative to larger populations.
The large number of expatriates attracted by Ghana because of its relatively stable economy probably favors a higher average cost of living.