Fact Check: Ghana recorded single-digit inflation in 2018, 2019, except 2017

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Claim: The Ghanaian government’s spokesperson on Security, Palgrave Boakye-Danquah, says the country recorded single-digit inflation in 2017, 2018, and 2019.

Verdict: Misleading. Data from the World BankStatista, and the Ghana Statistical Service (GSS) showed the country did not record a single-digit inflation in 2017. The World Bank figures pegged Ghana’s 2017 inflation at 10.7%, whereas the GSS and Statista data showed the country’s inflation was 11.8% and 12.37%, respectively. However, data from the three bodies showed that the West African country recorded single-digit inflation in 2018 and 2019.

Full Text

As Ghanaians head to the polls in December 2024, the two dominating political parties, the governing New Patriotic Party (NPP) and the National Democratic Congress (NDC), have started campaigning on their economic successes.

The current Ghanaian Vice President, Dr Mahamudu Bawumia, will be battling the former president and flagbearer of the NDC, John Dramani Mahama, and other presidential candidates for the coveted job of President of Ghana.

Speaking to Accra-based TV3 on Feb. 5, 2024, the Ghanaian government’s spokesperson on Security and Governance, Palgrave Boakye-Danquah, said Mr Bawumia has the proven record and integrity to lead the West African country in 2025.

Listing some of the achievements of Ghana’s governing party, Boakye-Danquah said the country had recorded single-digit inflation in 2017, 2018, and 2019 due to the stellar management of the economy by President Nana Akufo-Addo and Mr Bawumia.

“You don’t want to state that we had a single-digit inflation from 2017, 2018, and 2019, and also you don’t want to state that because of the effective management of the Economic Management Team and also the leadership of the President during the COVID-19 and Russia’s invasion of Ukraine, this country was stable,” Boakye-Danquah said in a video posted on X (formerly Twitter) by TV3, starting from minutes 0.21 to 1:01.

Data available on the social media platform showed the video had been viewed 22,320 times, received 47 comments, liked 65 times, and reposted 22 times.

DUBAWA decided to investigate the claim as part of its campaign against misinformation and disinformation in Ghana.

Verification

Data available at the World Bank, Statista, and the Ghana Statistical Service (GSS) showed Ghana did not record a single-digit inflation in 2017, as claimed by the Ghanaian government’s Spokesperson on Security.

The World Bank figures revealed Ghana had 12.4% inflation (consumer prices) in 2017. However, the figure quoted by the Bretton Wood institution is higher than the data produced by the West African country’s statistical agency, the GSS.

A screenshot of the World Bank inflation data for Ghana

In its Jan. 10, 2018 newsletter titled the Consumer Price Index (CPI) December 2017, the GSS said:

“The year-on-year inflation rate as measured by the CPI was 11.8 percent in December 2017, up by 0.1 percentage point from the 11.7 percent recorded in November 2017.”

Also, data produced by Statista, a global data and business intelligence platform, showed Ghana’s inflation in 2017 was 12.37%.

The data released by Statista is 0.03% lower than the figure available to the World Bank and 0.57% higher than the GSS data.

However, data from the three bodies has revealed that West Africa recorded single-digit inflation in 2018 and 2019.

According to World Bank figures, Ghana’s inflation rates for 2018 and 2019 were 7.8% and 7.1% respectively. The data at Statista showed the country’s inflation rates for 2018 and 2019 were 9.84% and 7.14%, respectively.

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The GSS figures have disclosed that the inflation rate for Ghana in 2018 was 9.4%, whereas that of 2019 was 7.2%.

Conclusion

Ghana did not record a single-digit inflation in 2017, as alleged by the Ghanaian government’s spokesperson on Security. However, in 2018 and 2019, data from all the credible institutions show that Ghana recorded single-digit inflation. The World Bank, Statista, and the Ghana Statistical Service data support this conclusion.

Source: Dubawa