Income Classes In Ghana

Ghana global economic prospects examines trends for the world economy and how they affect developing countries.

Income classes in ghana. The report includes country specific three year forecasts for major macroeconomic indicators including commodity and financial markets. This is the average monthly salary including housing transport and other benefits. Classes of depreciable assets 3. The expansion in the economy has.

In 2011 ghana not only joined the ranks of lower middle income countries but had one of the fastest economic growth rates 14 4 in the world. We base this assignment on gross national income gni per capita current us calculated using the atlas method. The value for income share held by second 20 in ghana was 9 60 as of 2016. Production of the income with respect to a class 1 2 or 3 depreciable asset the asset is placed in the pool and the depreciation allowance granted on its value illustration 2.

Class 1 2 3 and 4 depreciable assets 4. A person working in ghana typically earns around 5 070 ghs per month. School they grosses ghs 192 257. While workers with high school education earn the least with an average gross income of ghs 35 282.

With an earned bellow h. Services in ghana 69. This is 676 38 lower of what bellow h. Relief from double taxation part ix anti avoidance 70.

The world bank classifies the world s economies into four income groups high upper middle lower middle and low. Chapter i income tax part i imposition of income tax section 1. Imposition of income tax. The government of ghana through its legislature has passed income tax laws which not only protect workers but also assure them some good saving and investment for their old age.

Salaries vary drastically between different careers. Class 5 and 6 depreciable assets. School degrees enjoy the highest average gross salaries in ghana. The ghana revenue authority tax practitioners consultants taxpayers and the.

Updated country income classifications for the world bank s 2020 fiscal year are available here. Workers holding bellow h. Ghana income distribution income share held by second 20. Salaries range from 1 280 ghs lowest average to 22 600 ghs highest average actual maximum salary is higher.

As the graph below shows over the past 29 years this indicator reached a maximum value of 11 70 in 1987 and a minimum value of 9 60 in 2016.