What is the percentage of middle class in Ghana?

What is the percentage of middle class in Ghana?

According to the African Development Bank (AfDB), 46% of Ghanaians are now classified as middle class compared to a continent-wide average of 34.3%.

Is Ghana a lower middle-income country?

Ghana Looks to Retool Its Economy as it Reaches Middle On July 1, the country moved from low-income to lower middle-income status, according to World Bank country classifications.

Is Ghana an upper middle-income country?

In this appendix, Ghana is conveniently categorized as a “Low-Income Developing Country (LIDC)”, like other Lower-Middle Income Economies such as Côte d’Ivoire, Kenya, Nigeria and others. Ghana’s classification in the recent IMF Fiscal Monitor did not change.

Is Ghana middle class?

The Ministry of Finance says Ghana continues to be categorised as a ‘Lower-Middle Income Economy’ based on widely-recognised classification of the World Bank and the United Nations.

What is the poverty rate in Ghana?

In 2016, Ghana’s poverty rate at $1.90 was down to 13.3 percent, lower than not only the mean poverty rate of Sub-Saharan Africa but also the mean poverty rate of middle-income countries. Ghana’s largest fall in poverty was experienced from 1991 to 1998.

Why is Ghana still a poor country?

In Ghana, poverty is increasingly concentrated in rural regions where most low-income families rely on cocoa farming for their livelihoods. Cocoa is the largest export crop in Ghana, and given its growing global demand, it holds significant potential for lifting many families out of extreme poverty.

What is the average household income in Ghana?

Most households in Ghana live in compound houses. The costs of house insurance and mortgage are some of the highest. Ghana’s average household income is $30,578.

Which African countries are middle-income?

Other countries with high percentages of the middle class include Gabon, Botswana, Namibia, Ghana, Cape Verde, Kenya and South Africa. Countries at the bottom end include Mozambique, Madagascar, Malawi, Rwanda, Burundi and Liberia.

What percentage of Ghanaians are rich?

2% The wealthiest 10% of Ghanaians now share 32% of Ghana’s total consumption – more than is consumed by the bottom 60% of the population combined, while the very poorest 10% of the population consumes only 2%. 6% Gender inequality remains a pervasive issue. Women are more likely to be poorer and to have fewer assets.

Is Ghana economy good?

Ghana’s economic freedom score is 59.8, making its economy the 89th freest in the 2022 Index. Ghana is ranked 9th among 47 countries in the Sub-Saharan Africa region, and its overall score is above the regional average but below the world average.

Why is Ghana poor?