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Claim: Ghana’s President Nana Akufo-Addo has alleged that his government inherited a country with an economic growth rate of 3.4% on Jan. 7, 2017.
Verdict: Misleading. DUBAWA’s research showed that although Ghana’s economic growth rate, as of Dec. 31, 2016, was 3.4%, it was revised to 3.7% after the economy was rebased. The Ghana Statistical Service (GSS) data published in 2017 and 2018 revealed the country recorded a 3.7% economic growth rate at the end of 2016.
Full Text
Ghana’s President Nana Akufo-Addo delivered his final State of the Nation Address to the country’s legislature on Jan. 3, 2025, touting his government’s achievements in everything from infrastructure to the economy.
Mr Akufo-Addo told lawmakers that the economic growth in West Africa has bounced back with renewed strength after the challenges.
“Mr Speaker, economic growth has also returned to the pre-COVID-19 trajectory with impressive growth rate rising from 4.8% in the first quarter of 2024, 7% in the second quarter, and 7.2% in the third quarter,” the Ghanaian leader said.
Please find Mr Akufo-Addo’s claim from minutes 1:21:43 to 1:22:04 of the video uploaded on YouTube by state media, GTV.
Drawing a comparison with the 2016 economic situation, Mr Akufo-Addo said the country’s economic growth rate is projected to rise to 6.3% at the end of 2024.
“It is projected that this year’s [2024] growth rate will be 6.3%, significantly higher than the 3.4% [that] my administration inherited in 2017,” he said.
See minutes 1:22:03 to 1:22:17 of the video uploaded on YouTube by state media, GTV, for Mr Akufo-Addo’s comment.
The social media platform data showed the video has over 20,356 views as of Jan. 05, 2025.
DUBAWA decided to probe the claim as part of its campaign against misinformation and disinformation in Ghana.
Verification
DUBAWA’s research showed that Ghana’s economic growth rate as of Dec. 31, 2016, was not 3.4%, as the President alleged.
Although the country’s economic growth rate for Dec. 31, 2016, was 3.4%, it was revised to 3.7% after the economy was rebased.
According to the International Monetary Fund (IMF), rebasing is “the process by which constant price aggregates are updated using the prices of a more recent period.”
The Ghana Statistical Service (GSS) data published in 2017 and 2018 revealed the country recorded a 3.7% economic growth rate at the end of 2016.
The GSS “Revised 2016 Annual Gross Domestic Product,” published in Sept. 2017, pegged Ghana’s economic growth rate at 3.7%.
“[The] revised GDP estimates for 2016 showed a growth rate of 3.7 per cent compared to 3.8 per cent in 2015,” the GSS said.
See page 3 of the newsletter here.
Also, the GSS “Provisional 2017 Annual Gross Domestic Product” newsletter, published in Apr 2018, confirmed the 2016 economic growth rate was 3.7%.
“[The] provisional GDP estimates for 2017 showed a growth rate of 8.5 per cent compared to 3.7 per cent in 2016,” the GSS said.
See page 3 of the newsletter here.
Conclusion
As of Dec. 31, 2016, Ghana’s economic growth rate was 3.7%, not 3.4%, as President Nana Akufo-Addo alleged.
