The World Bank has also confirmed that Ghana’s status as a lower-middle-income economy has not changed.
Pierre Laporte, the World Bank country director for Ghana says the country’s recovery is showing signs that it is growing faster than most economies in the region.
Laporte’s reaction follows media reports that the country has been downgraded from middle-income to low-income status by the International Monetary Fund (IMF).
Speaking in an exclusive interview with Asaase Business, Laporte said, “Ghana is in the lower-middle-income category, having said that Ghana is one of the better performing economies in Africa and the rest of the world. Going forward, one thing I can tell you is that the numbers are showing that…
“Ghana is growing faster than what was expected when COVID pandemic hit. But also the information that we are receiving is that Ghana’s recovery is showing signs that it is growing faster than most economies in the region and this is according to the larger content firms that are providing us with some information.”
He added, “So yes, Ghana is a low middle-income country but in our view, it’s on the right track to move to the next level with the right policies and the right reforms.”
Touching on the parameters that put Ghana in the lower-middle-income economy category, he said, “one of them is the GDP and then there are other indicators like the poverty levels and so on…
“This is a constant measure and it wasn’t something that was given recently. Ghana has been in the category for some time…” Laporte added.
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