Ghana drops from middle-income economy to low-income developing country in recent rankings by IMF [What You Need To Know]

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The International Monetary Fund has classified Ghana as a Low-Income Developing Economy in its April 2021 Fiscal Monitor.

13 African countries were however ranked as Emerging and Middle-Income Economies.

Despite the World Bank ranking Ghana as a lower-middle-income economy, the Fund’s Fiscal Monitor does not recognize the country as a middle-income country.

However, countries such as Angola, Gabon, Swaziland and Namibia which Ghana is said to be doing better than, are classified as Emerging and Middle-Income Economies by the Bretton Wood institution. It appears the covid-19 pandemic had been unfavourable to the country, impacting negatively on its finances.

For Advanced Economies, countries such as Australia, Belgium, Estonia, Iceland, Israel, Macoa, Malta, Singapore, Taiwan, United Kingdom and the United States are in that category.

African countries classified as Emerging and Middle-Income Economies are Algeria, Angola, Cape Verde, Egypt, Equatorial Guinea, Swaziland, Gabon, Mauritius, Morocco, Namibia, Seychelles, South Africa, and Tunisia.

Ghana, Benin, Burkina Faso, Cameroon, Haiti, Honduras, Kenya, Lesotho, Niger and Nigeria are some countries branded as Low-Income Developing Economies.

The World Bank however classifies Ghana’s economy as lower-middle-income, based on the nation’s per capita income.

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Albert Hyde
Online Journalist with || Blogger ||

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