EconomyFact Check

Ghana’s GDP growth rate in 2011 was not the best globally as claimed by Dr. Kwabena Duffuor

Claim: Former Finance Minister, Dr. Kwabena Duffuor, claims that Ghana’s economic growth rate in 2011 was the best in the world for that year.

Countries such as Mongolia and Macao recorded a higher GDP growth for that year.

Full Text

Finance Minister during the John Atta Mills-led administration, Dr. Kwabena Duffuor, says that the National Democratic Congress are better managers of the country’s economy.

Speaking at the launch of an Ahotɔ project for the party’s grassroots on Thursday, April 7, 2022, the one-time governor of the Bank of Ghana said Ghana, in 2011, outperformed all countries across the world with her economic growth rate.

Under our late Professor Atta Mills, NDC became the best manager of any economy in the world. In 2011, the growth rate was 14.5% and it was the best in the whole world. That’s NDC for you,” he said.

The launch was streamed on Facebook and the claim can be found on minutes 45:38 to 45:50.

Verification

To authenticate the claim by the former Finance Minister and a leading member of the National Democratic Congress, DUBAWA analyzed data from the Ministry of Finance, IMF, and the World Bank.

The 2013 budget statement (Page 21) from the Ministry of Finance quotes Ghana’s GDP growth for 2011 as 14.4%; this is corroborated by the Ghana Statistical Service 2011 Economic Performance Report (Page 5).

The IMF, in a 2012 press release after a meeting with government officials, quoted Ghana’s GDP growth for 2011 as 14½ percent. However, on its website, it indicates that Ghana’s GDP growth rate for 2011 was 13.9%

The World Bank also quotes Ghana’s GDP as 14.0%

According to data from the World Bank, countries such as Macao SAR (21.6%), Mongolia (17.3%), and Turkmenistan (14.7%) recorded higher GDP growths in 2011.

Data from the IMF also indicates that Macao (21.6%) and Mongolia (17.3) recorded higher GDP growths in 2011 when compared to Ghana’s 14.5%. 

In the case of Turkmenistan, IMF’s data indicates that their economic growth rate was 13.7% in 2011, which is below the figure quoted by various credible sources.

Conclusion

The claim by Dr. Kwabena Duffuor that Ghana’s economic growth rate in 2011 was the best in the world is false. At least, Macao and Mongolia recorded higher GDP growths in 2011.  

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