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Former Deputy Finance Minister Dr. Stephen Amoah has sparked a conversation with a bold comparison of Ghana’s economic performance under the NPP in the last quarter of 2024 and that of the NDC in the final stretch of 2016.
In a video published by TV3 on his reaction ahead of the mid-year budget review, Dr. Amoah claimed the NPP’s Q4 2024 economic indicators were not just good but better than what the NDC recorded in 2016.
He said, “In the 2024 last quarter macroeconomic indicators, Ato Forson came and presented the macroeconomic indicators, and about 80 to 90 per cent of them showed we were doing better than the NDC in 2016. GDP, primary balance… even inflation was reduced from 54.1% to about 23%. That’s way higher than the 15.4% we inherited in 2016. Even if inflation had been 54% and we’ve been able to reduce it to 23%, it means that they inherited a situation that had already taken shape.”
The statement has since been published on Facebook, attracting over 200 reactions and more than 4,000 views as of the time of writing this report. But how valid is this claim? DUBAWA decided to verify it by using official data from the Ghana Statistical Service to examine two key indicators: GDP, primary balance, and inflation.
Claim 1: Inflation dropped from 54.1% to 23% under NPP
Verdict: True. Inflation data from the Ghana Statistical Service shows that the inflation rate stood at 54.1% in December 2022 and was reduced to 23.8% in December 2022.
According to the Ghana Statistical Service, Ghana’s inflation rate stood at 54.1% in December 2022. Fast-forward to December 2024, and the number had dropped significantly to 23.8%.
Indeed, inflation did drop by more than half within that period, as Dr. Amoah had suggested. However, the 15.4% inflation rate the NPP inherited in 2016 was much lower. So, while the drop was impressive, the final rate was still higher than what the NPP inherited from the NDC in 2016.
Claim 2: GDP growth was stronger in the fourth quarter of 2024 than in 2016
Verdict: False. Quarterly data on GDP growth from 2013 to 2025, as reported by the Ghana Statistical Service, showed that the last quarters of 2016 and 2024 experienced GDP growth rates of 5.4% and 3.6%, respectively.
Verification
GDP growth is one of the most important indicators of economic health, and here’s what the data from the Ghana Statistical Service shows.
In the fourth quarter of 2016, the NDC’s GDP growth was 5.4%.
Source: GSS
In the same period of 2024, under the NPP, it was 3.6%.
Source: GSS
This is captured in the statistical newsletter of the 2025 gross domestic product first quarter from January to March 2025.
On page 15 of the document, quarterly data on GDP growth from 2013 to 2025 have been made public, with data for 2016 and 2024 indicated. So, contrary to the claim, the economy grew faster in the last quarter of the NDC administration in 2016 than during the NPP’s previous quarter in 2024.
Conclusion
While Dr. Stephen Amoah’s assertion on inflation decline under the NPP is largely accurate, his broader comparison of Ghana’s macroeconomic performance between Q4 2024 and Q4 2016 is misleading. Official data from the Ghana Statistical Service reveals that, although inflation fell significantly under the NPP, it remained higher than what the NDC handed over in 2016. More critically, GDP growth, a central measure of economic strength, was stronger in the final quarter of the NDC administration than in the NPP’s.
