One out of every 12 Ghanaians is considered extremely poor while a quarter of the Ghanaian population is believed to be generally poor, according to the latest report on Living Standards in Ghana.

The annual survey which is compiled by the Statistical Service is aimed at compiling a credible data for efficient policy formation.

The Ghana Living Standards Survey is a nationwide household survey which provides information in assessing the living conditions of Ghanaian households.

The survey has emerged as one of the most important tools in welfare monitoring systems in the West African country.

Addressing a news conference on the latest report in Accra, the board chairman of the GSS, Dr Osei Boeh-Ocansey said the “dynamics of poverty in Ghana over the last seven years indicate that poverty is still a rural phenomenon."

According to the report, extreme poverty has fallen from 18 percent to 8.4 percent between 2005 and 2006.

It also states that the "National Poverty headcount has reduced from 29 percent in 2005/2006 to 24.2 percent in 2012."

The compilation of the data is sponsored by the government in collaboration with the various development partners.