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Fact-checking Edudzi Tamakloe’s misleading inflation claims

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The Director of Legal Affairs for the National Democratic Congress, Edudzi Tamakloe, appeared on December 18, 2023, on a panel on the TV3 morning show called New Day. The show was focused on discussions about the economy. On the show, Mr Tamakloe made some claims concerning the economy. 

On the show, he said, “By the time the NDC left office, inflation was 15.4% today; by 2020, inflation had risen to 54%. At that time, we were only better than Sudan and Zimbabwe. It had never happened in 34 years.” 

The claim can be found from 18:10 -18:34 on the show, published on TV3’s YouTube channel. 

In his submission, DUBAWA identified three claims requiring fact-checking. These include assertions about the inflation rate being 15.4% when the NDC left office, the inflation surge to 54% in 2020, and whether Ghana’s 2020 inflation rate is the highest in 34 years. 

Verification 

Claim 1: Before the NDC left office in 2016, the inflation rate was 15.4%.

Verdict: True. The Ghana Statistical Service (GSS) data showed that the 2016 inflation rate was 15.4%.

Source: DUBAWA sourced data from the Ghana Statistical Service (GSS). Its year-on-year inflation rate in 2016 was 15.4%.

Claim 2: Inflation surged to 54% in 2020.

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Photo Credit: John Mahama

Verdict: False. According to data from the World Bank, Ghana Statistical Service, and the Ministry of Finance, inflation for 2020 was 9.9%, 10.4% and 10.4%, respectively. 

Source: DUBAWA sourced data from the World Bank, Ghana Statistical Service (GSS), and the Ministry of Finance. 

Based on data from these institutions, the World Bank reported a 9.9% inflation rate for 2020. The Ghana Statistical Service documented a slightly higher figure at 10.4%, and page 1 of the 2021 Budget Economic Policy from the Ministry of Finance also indicated a 10.4% inflation rate.

These figures are nowhere near the 54% quoted by the Director of Legal Affairs for the National Democratic Congress, Edudzi Tamakloe. However, it is evident to note that the 54% inflation figure quoted was instead recorded in 2022 and not 2020. This is according to the Consumer Price Index for December 2022 issued by the Ghana Statistical Service (GSS). 

INFLATION RATE 2020
WORLD BANKMINISTRY OF FINANCEGSS
9.9%10.4%10.4%
Source: GSS, World Bank, MOF 

Claim 3: The 54% inflation rate is the highest in 34 years. 

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Photo Credit: John Mahama

Verdict: False. Data from the World Bank disputed this assertion. It showed that the highest inflation rate 34 years back was recorded in 1995 at 59.5%, not 54%. 

Source: Since the claim was made in December 2023, DUBAWA calculated 34 years from 2023, resulting in 1989. This implies that from 1989 to the present date, Ghana has not experienced an inflation rate exceeding 54%. Data was cross-referenced with information from the World Bank. The findings disclosed that the highest inflation rate within this timeframe occurred in 1995 during the presidency of the late President Jerry John Rawlings to be 59.5%.

Conclusion

The data regarding an inflation rate of 15.4% before the NDC left office in 2016 is accurate. But claims that inflation surged to 54% in 2020 and that a 54% inflation rate represents the highest in the past 34 years are unfounded.

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