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During a parliamentary session on February 12, 2025, the former Deputy Finance Minister and Member of Parliament for Nhyiaeso defended Ofori-Atta, earlier addressed as a fugitive by making several claims about the economy and inflation. He argued that labelling Ofori-Atta a fugitive was an international embarrassment, asserting that the former minister had managed the economy far better than the NDC government.
Dr Stephen Amoah said, “Mr Speaker, some of the descriptions they gave him, some even went to the extent of saying that, the economy that he left, in fact, I cannot repeat those evil words that they used. Mr Speaker, in 2016, the economy Ken Ofori Attah inherited was growing at 6.4%. Mr Speaker, the inflationary rate was equal to 15.4%. Mr Speaker, the lending rate was about 14%, but for COVID-19, 2019, we were growing by 7%, and inflation was 7%.”
His claim can be found in the 2 hours: 34 minutes: 53 seconds of the live stream.
His submission has several claims, which DUBAWA decided to investigate separately.
Claim 1: Mr Speaker, in 2016, we inherited an economy growing at 3.4%.
Verdict: Mostly True. Data from the Ghana Statistical Service indicates that the economy grew at 3.7%; however, data from the World Bank and the International Monetary Fund indicate that it grew by 3.4%.
Verification
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, also pegged Ghana’s economic growth rate at 3.7%.
Despite this, the World Bank also quotes 3.4%. The International Monetary Fund also quotes 3.4%
Claim 2: Mr Speaker, the inflation rate was 15.4%.
Verdict: True. The data from the Ghana Statistical Service and the Bank of Ghana quote 15.4%.
Verification
The GSS (see page 3) and the Bank of Ghana all quote 15.40% as the inflation rate for December 2016. “The year-on-year inflation rate as measured by the CPI stood at 15.4% in December 2016. It was down by 0.1 percentage point from the 15.5 per cent recorded in November 2016. This inflation rate for December 2016 is the percentage change in the Consumer Price Index (CPI) over the twelve months, from December 2015 to December 2016,” the Ghana Statistical Service said in its December 2016 Consumer Price Index report.
Claim 3: By 2019, we (NPP government) were growing at 7%.
Verdict: False. Data from the Ghana Statistical Service and the World Bank quotes 6.5%.
Verification
Data from the rebased 2013 to 2019 Annual Gross Domestic Product released in April 2020 puts the GDP growth rate at 6.5%. This can be seen on page 3 of the report. The World Bank and the International Monetary Fund also quote 6.5%, not 7%.
Claim 4: Inflation was 7% in 2019.
Verdict: False. Ghana Statistical Service and the Bank of Ghana quote 7.9%
Verification
DUBAWA sourced data from the Ghana Statistical Service and the Bank of Ghana. The GSS data quoted 7.9%. See page 3 of the Consumer Price Index for December 2019.
In the 2020 annual report of the Bank of Ghana, 7.9% is quoted as the inflation rate for 2019 and not 7%.
Conclusion
The former minister’s statements contained a mix of accurate and inaccurate claims regarding Ghana’s economic growth and inflation rates. While his assertion about the 2016 inflation rate was correct, his claims about economic growth in 2016 and 2019 and inflation in 2019 were false. Data from credible institutions such as the Ghana Statistical Service, the Bank of Ghana, the World Bank, and the International Monetary Fund reveal discrepancies in some of the former minister’s statements.
