Claim: Deputy Director General of the Commission for Technical and Vocational Education and Training (TVET) Ing. Peter Antwi Bosaiko claims the GDP growth rate before John Agyekum Kufour became president stood at 3.4% and 9.4% respectively after he left office.
False. Data from the IMF and World Bank reveal that GDP growth rates before Former President Kufour took office which is 2000 were 3.6% and 3.7% respectively. Also, after the NDC took over from President Kufour in 2008 the GDP growth rate stood at 9% and 9.1% respectively.
Full Story
The Deputy Director General of the Commission for Technical and Vocational Education and Training Ing. Peter Antwi Bosaiko has claimed that the economy had grown by 3.4% when Former President John Agyekum Kufour took office. He also claimed that before Kufour left office, the economy had grown by 9.4%.
He made these statements on Neat FM’s Me Man Nti Show. Speaking on the show, he said, “When NDC took over from President Kufour, the growth of Ghana’s economy was at 9.4%. The size of the economy was so huge. In fact, when President Kufour took over, the growth was 3.4%.”
The shorter version of the show was uploaded on YouTube on Tuesday, September 13, 2022. The claim was made from 11 minutes- 17 seconds to 11 minutes -49 seconds. The shorter video has amassed over 70 views.
Verification
Growth in the economy is measured by the change in GDP at a constant price. This is according to the World Bank. The Gross Domestic Product (GDP) is the total value of final goods and services produced in the country during a given period.
To clear any doubts, former President Kufour spent eight years in government. This was from 2001 to 2008. This means, per the claim by Ing. Bosaiko, we are expected to look at the GDP growth rate of 2000 which is the year before Fmr. President Kufour took office and the GDP growth of 2008 before he handed over to Late President John Evans Atta Mills of the National Democratic Congress (NDC).
We first sourced our data from two international organizations, the International Monetary Fund (IMF) and the World Bank. We looked at GDP growth rates from 2000 to 2009.
| Year | Annual GDP growth rate | |
| World Bank | IMF | |
| 2000 | 3.7% | 3.6% |
| 2001 | 4% | 3.8% |
| 2002 | 4.5% | 4.6% |
| 2003 | 5.2% | 5.1% |
| 2004 | 5.6% | 5.4% |
| 2005 | 5.9% | 6.2% |
| 2006 | 6.4% | 5.8% |
| 2007 | 4.3% | 4.1% |
| 2008 | 9.1% | 9% |
| 2009 | 4.8% | 5.7% |
Clearly, the IMF sighted 3.6% as the GDP rate for the year 2000 and 9% as the GDP rate for the year 2008.
The World Bank also sighted 3.7% as the GDP rate for the year 2000 and 9.1% as the rate for the year 2008.
We also looked at data from government institutions including the Ghana Statistical Service and the Ministry of Finance Budget Statement and Economic Policy for the GDP growth rate for 2000 and 2008.
We found out that, the GDP growth rate for the year 2000 which was captured in section two subsection 33 of the 2002 budget was 3.7% and 8.4% for 2008 as captured on page 3 of the revised Gross Domestic Product for 2012 of the Ghana Statistical Service
Conclusion
According to data from the IMF, World Bank, and the Statistical Service, the claims by Ing Peter Antwi Bosiako in respect of Ghana’s economic growth rate in 2000 and 2008 during the tenure of ex-President John Kufuor are incorrect.
