In the area Asylum Down in Central Accra you can stay in a place called Pink Hostel. It is a decent but way too expensive hostel with good facilities. The hostel has a "special student rate" of 170.000 cedis a night; $ 17,-: very expensive for Ghanaian standards. For this amount you get a bunk bed in a 4 persons bedroom.
The rooms are air-conditioned, but according to my own experiences a room with fan is just as OK. The showers are good and sometimes even have hot water: a very special thing in Ghana, but when the temperature outside is 30 degrees or more, you don't even need a hot shower. And for the rest: breakfast is included but is very poor. You have to be very lucky to find something nice to eat when you arrive in the restaurant.
At night you can also have dinner and something to drink in the restaurant. The meals are not cheap at all though and are not that great either: eating in a random restaurant is a better option. The terrace where you can have a cold drink is a nice place to spend the night though.
And a nice thing about the Pink Hostel is that there is a small internetcafe inside the building. The computers are often taken, but when you have one the connection is pretty good.
Directions: Just south from the Ring Road Central, close to Nkrumah Circle
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