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Claim: The Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Hajia Abibata Zakariah, has claimed that Ghana’s inflation rate currently stands at 23%.
Verdict: False. According to data from the Ghana Statistical Service, inflation is not at 23%. The most recent data published by the service on May 8, 2024, puts the rate at 25%.
Full Text
The Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Hajia Abibata Shanni Zakariah, has claimed that the inflation rate currently stands at 23%.
This statement was made during a political discussion on TV3’s “Big Issue,” which focused on the management of the economy, particularly addressing the severe depreciation of the Ghanaian cedi.
In her address, Madam Zakariah emphasised the government’s relentless efforts to stabilise the economy, highlighting the government’s reduction in inflation from 54% to 23% as evidence of progress.
She stated, “I think we have come a long way, and we are on a programme with the IMF. The last time I read about what the Bank of Ghana was saying, they gave us assurances, and we are seeing positive signs. For example, the inflation rate was 54%, which we are not proud of, but as we speak, it has come to 23%.”
This claim appears between the 34 minutes and 45 seconds to 35 minutes and 32 seconds timestamps of the video published on its Facebook page on May 16, 2024. The video has accumulated over 14,000 views. Given the potential for misinformation, it is crucial to verify this claim to ensure informed decision-making and to prevent the spread of false information.
Verification
Inflation is a term used to describe the general increase in the prices of goods and services over time. When inflation increases, the money you have won’t buy as much as it did before.
Because of this, DUBAWA sought data from the Ghana Statistical Service, the agency responsible for collecting, compiling, analysing, and disseminating statistical data in Ghana. According to the latest data published on May 8, 2024, the inflation rate currently stands at 25%.
This information is detailed in the consumer price index and inflation report for April 2024. DUBAWA reviewed the inflation rates from January to April 2024 to show an accurate understanding of the inflation trends. The rates were as follows: 23.5% in January, 23.2% in February, 25.8% in March, and 25% in April.
In January, the inflation rate stood at 23.5%. It slightly dipped to 23.2% in February, indicating a minor relief. However, March saw a notable increase, with inflation climbing to 25.8%. Although there was a slight decline in April, with the rate at 25%, it remains significantly higher than earlier months, distinctly above the 23% mark. This indicates that the inflation rate for April is not 23%, but rather 25%.
| INFLATION RATES FROM JAN-APRIL (2024) | |
| YEAR | RATES |
| January | 23.5% |
| February | 23.2% |
| March | 25.8% |
| April | 25% |
Conclusion
According to data from the Ghana Statistical Service, inflation is not at 23% as stated by the Chief Executive Officer of MASLOC, Hajia Abibata Zakariah. The actual rate is 25%.
