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False, GDP growth rate was not 3.5% in 2018

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Claim: The Deputy Communications Officer of the National Democratic Congress (NDC), Malik Basintale, claimed that the gross domestic product (GDP) growth in 2018 was 3.5%.

Verdict: False. Data from the Ghana Statistical Service (GSS), the International Monetary Fund (IMF), and the World Bank revealed that GDP growth rates for 2018 were 6.2%, not 3.5%. 

Full Text

The Deputy Communications Officer of the National Democratic Congress (NDC), Malik Basintale, has claimed that the Gross Domestic Product (GDP) growth rate in 2018 was 3.5%. He made this assertion on Tuesday, July 23, 2024, during a discussion on TV3’s Big Issue, which was also streamed on its Facebook page. The streaming has garnered over 2,000 views.

“The only time we had a good growth (GDP) rate was in 2017, around 7.1%. That was due to the good work of President John Mahama. Check the growth rate for 2018; it had dropped to 3.4%. Till now, we are doing about 1.4%,” said Mr Basintale.

The claim can be found from 1:39 – 1:51 minutes of the show. 

He made these comments while debating ahead of the Mid-Year Budget review presentation by Finance Minister Dr Mohammed Amin Adam on Tuesday, July 23, 2024. As the 2024 general elections approach, it is crucial to scrutinise such claims to ensure political figures are cautious about the information they disseminate.

Verification

The Ghana Statistical Service defines Gross Domestic Product (GDP) growth as the main indicator of economic performance.

DUBAWA sourced data from the Ghana Statistical Service (GSS), the International Monetary Fund (IMF) and the World Bank.

The data can be found in the Country Data column on the IMF page, where figures for inflation and GDP have been labelled. 

GDP GROWTH RATE
YEARGSSIMFWORLD BANK 
20186.3%6.2%6.2%

Analysing these figures reveals a discrepancy between Mr Basintale’s claim and the reported data from these financial institutions. Mr Basintale claimed that the 2018 GDP growth rate was 3.5%, but the data from GSS, IMF, and the World Bank show significantly higher growth rates of 6.3% and 6.2%, respectively. As a result, the actual figures indicate a much stronger economic performance in 2018 than what was claimed by Mr Basintale.

Conclusion

The claim by the Deputy Communications Officer of the National Democratic Congress (NDC), Malik Basintale, that the GDP growth rate in 2018 was 3.5% is false. Data from relevant financial sources indicate that the GDP growth rate was 6.2%.

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