Finance Ministry: Ghana is still a lower-middle-income country

The Ministry of Finance issues a statement maintaining that Ghana’s status as a lower-middle-income country has not changed

Ghana is still classified as a lower-middle-income (LMC) country by the World Bank, the Ministry of Finance has said.

A statement issued by the ministry in Accra on Wednesday said Ghana’s status as an LMC has not changed despite the classification in the recent IMF Fiscal Monitor report.

The statement offered further assurances that the government is implementing measures such as the GHC100 billion Ghana CARES Obaatanpa programme to fuel economic growth.

“The Ministry of Finance has noted with concern publications in some media houses, including Joy FM, that Ghana has been downgraded as a ‘low-income country’ by the IMF in accordance with its latest Fiscal Monitor,” it said.

The statement added: “We wish to state that Ghana continues to be categorised as a ‘lower-middle-income economy’ based on the widely recognised classification of the World Bank and the UN.”

Below is the full statement:

Fred Dzakpata

Asaase Radio 99.5 – tune in or log on to broadcasts online
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