MoveHub, an international relocation company has rated Ghana as the most expensive country to live in on the African continent.

MoveHub based its assessment on a range of costs, such as the price of groceries, transport, bills, restaurants and rents.

These figures are then compiled into an index, using the notoriously expensive city of New York as a benchmark.

According to the report published by the Independent.co.uk website, Ghana is ranked among 20 other nations that are deemed expensive to reside in world over.

It said: “Ghana is one of Africa’s more prosperous nations, and this is reflected in the cost of living, which is higher than any other African nation”.

New York was given an index score of 100, and countries were then ranked based on this. So a country with a score higher than 100 is more expensive than New York, while below signals that it is cheaper.

Below is the list of the 21 most expensive countries in the world

21. Ghana — 53.89: Ghana is one of Africa’s more prosperous nations, and this is reflected in the cost of living, which is higher than any other African nation, according to MoveHub.

20. Italy — 53.89: The cost of living in Italy is higher than in the eurozone’s two largest economies, Germany and France.

19. Israel — 54.11: Israel is, comparatively speaking, pretty inexpensive compared to other states in the region like Kuwait and the UAE.

18. Kuwait — 57.31: Kuwait’s currency, the Kuwaiti dinar, is one of the strongest currency units in the world, with a single dinar worth £2.63.

17. Japan — 57.62: Japan’s economy may have stagnated somewhat in recent years, but it still remains one of the world’s powerhouses, and that is reflected in the cost of living.

7. Bahamas — 73.63: The Caribbean state of the Bahamas faces the same problem as many island nations, that imports far outstrip exports, pushing up the price of goods.

6. Norway — 74.47: Scandinavian countries are notoriously expensive, and Norway is no exception. According to Numbeo, the average 1 bedroom apartment in the country costs around £925 per month to rent.

5. Singapore — 76.57: According to the blog Singapore Life News, the average cost of a pint of beer in the city-state is around £8.50.

4. Iceland — 80.47: Cut off from the rest of Europe and with very little fertile ground, Iceland is forced to import much of its food, pushing up costs.

3. Hong Kong — 81.93: Hong Kong is notoriously expensive, and with space at a premium in the incredibly crowded city, apartments are usually both tiny and pricey.

2. Switzerland — 90.68: Switzerland frequently tops lists of the best places on earth to live thanks to great infrastructure, healthcare and a clean environment. However, all this comes at a price and it is the most expensive place in Europe to live.

1. Bermuda — 126.34: The Atlantic Ocean tax haven of Bermuda is officially the most expensive nation on earth, with the country’s capital Hamilton also the most expensive individual city on the planet.