Former Finance Minister, Seth Terkper says the country has not been downgraded from a middle-income country to lower-income status by the International Monetary Fund.
This comes after reports went rife that the country’s economic status has been downgraded from middle income to lower income by the International Monetary Fund (IMF).
Speaking on the Morning Starr Tuesday Mr Terkper said “we’ve not been downgraded if you use the main criteria, which is per capita income which is calculated by the World Bank.”
He added, “If you are a middle-income country you must have a revenue of 17-18% income to GDP. At the moment we’re doing about 11%. We must equip GRA to perform and raise the revenue from the current 11% to at least 15-17%.”