Ghana could become an upper middle-income country by 2038 – Deputy Finance Minister

Ghana could attain upper middle-income status by 2038 if the country adopts an ambitious and innovative economic approach, Deputy Minister of Finance Thomas Nyarko Ampem has said.

Speaking on Channel One TV on Monday, 3rd March, Mr Ampem cited economic projections from the Finance Ministry, which suggest that Ghana’s current growth path would place it in the upper middle-income category by 2050.

He, however, stated that with a more aggressive strategy, the country could reach this goal by 2038.

“The choice is ours. If we take a cautious approach, we will get there by 2050. But if we push harder with innovative policies, we can reach upper middle-income status by 2038,” he said.

He called for national dialogue and consensus-building on economic policies, expressing concern over the absence of opposition parties from recent economic forums.

“These discussions help us agree on the way forward as a nation. It is worrying that some stakeholders have refused to take part in these engagements,” he noted.

Ghana was classified as a lower middle-income country in 2010 following a rebasing of its GDP. Economic challenges in recent years, including high inflation, rising debt, and currency depreciation, have, however, slowed progress.

The government has indicated that its upcoming budget will outline measures to accelerate economic growth, including improved revenue collection, rationalised spending, and investment in productive sectors.