An opposition Ghanaian lawmaker, Haruna Iddrisu, has berated Ghana’s governing New Patriotic Party (NPP) for the country’s “worst” cost of living.
The former Employment and Labour Relations Minister told Accra-based Joy News that President Nana Addo Dankwa Akufo-Addo had compounded the country’s total public debts, making a case for Ghanaians to return the opposition National Democratic Congress (NDC) to the presidency.
“The debt is about 745 billion [cedis] against what was inherited [which was] 120 billion [cedis] in 2017, which was described as colossal.
Now you have inflation, which even galloped to 54%, now coming to 23% and coming down,” Mr Iddrisu said.
See the lawmaker’s comment in minutes 4:43 to 5:26 of the video conversation posted on YouTube.
Data on the social media platform showed the video had over 10,400 views and 47 comments as of Sept. 4, 2024.
Claim 1: The Tamale South Member of Parliament (MP), Haruna Iddrisu, has alleged the country’s total public debt was GHSȼ120 billion as of Jan. 2017 and GHȼ745 billion as of Aug. 2024.
Verdict: False. DUBAWA’s probe has revealed that the West African country’s total public debt as of Jan. 2017 was GHȼ122.2 billion, not GHȼ120 billion, as Mr Haruna alleged.
Also, Bank of Ghana data released in July 2024 disclosed that the country’s total public debt as of June 2024 was GHȼ742 billion.
Verification
DUBAWA’s investigations showed that Ghana’s total public debt as of Jan. 2017 was GHȼ122.2 billion, not GHȼ120 billion, as Mr Haruna alleged.
The Annual Public Debt Report for the 2020 Financial Year submitted to Ghana’s Parliament on Mar. 29, 2021, revealed that the country’s public debt in 2016 was GHȼ122.2 billion, equivalent to $29.2 billion.
According to the report, Ghana’s Gross Nominal Public Debt – domestic and external, was $29,203.8 in millions of US dollars, equivalent to $29.2 billion.
See page 12 of the report submitted to Ghana’s legislature here.
See a screenshot of the data presented to Ghana’s legislature
Also, the Annual Debt Management Report for the Year 2016, submitted by the country’s former Finance Minister Ken Ofori-Atta, disclosed Ghana’s total public debt was $29.2 billion, equivalent to GHȼ122.2 billion.
See page 5 of the report Ghana’s Ministry of Finance submitted here.
See a screenshot of the data published by Ghana’s Ministry of Finance
Also, the Bank of Ghana’s Financial and economic data published in July 2024 disclosed that the country’s total public debt as of June was $50.9 billion, equivalent to GHȼ742 billion.
See page 8 of the BoG’s Summary of Economic and Financial Data for July 2024 here.
Here’s a screenshot of the data published by the Bank of Ghana
Conclusion
Ghana’s total public debt was not GHSȼ120 billion as of Jan. 2017 and GHȼ745 billion as of Aug. 2024, as Mr Iddrisu alleged.
Claim 2: Haruna Iddrisu, a former Ghanaian Employment and Labour Relations Minister, has alleged that the country’s inflation “galloped to 54% [to] 23% and [it is] coming down.”
Verdict: True. DUBAWA’s research showed that Ghana’s consumer inflation spiked to 54.1% year-on-year in December 2022, the highest in 22 years.
The Consumer Price Index and Rate of Inflation for December 2023, published by the Ghana Statistical Service (GSS), revealed the country’s inflation rose from 54.1% in December 2022 to 23.2% at the end of December 2023. The GSS has said the inflation as of July 2024 was 20.9.
Verification
DUBAWA’s research showed that Ghana’s consumer inflation spiked to 54.1% year-on-year in Dec. 2022, the highest in 22 years.
The Consumer Price Index and Rate of Inflation for Dec. 2023, published by the Ghana Statistical Service (GSS), revealed that the country’s year-on-year inflation decreased from 54.1% in Dec. 2022 to 23.2% at the end of Dec. 2023.
Here’s a screenshot of the data published by the Ghana Statistical Service (GSS)
Also, the latest GSS data has disclosed that Ghana’s year-on-year inflation is experiencing a downward trend.
The Consumer Price Index and Rate of Inflation for July 2024 report the GSS released showed Ghana’s month-on-month inflation between June and July 2024 was 2.1 per cent.
The GSS data revealed that the West African country’s July 2024 inflation was 20.9%, a 33.2% drop from the 54.1% recorded in Dec. 2022.
Ghana’s Finance Minister, Dr Mohammed Amin Adam, confirmed the GSS data when he told a section of Ghanaians that the country’s inflation dropped to 20.9% in July 2024 from 22.8% in June 2024.
The Finance Minister attributed the dip in inflation to a “decrease in both food and non-food prices.”
Conclusion
The Ghanaian legislator, Haruna Iddrisu, claims that the country’s inflation “galloped to 54% [to] 23%” and is now experiencing a drop, is true.
Source: ghana.Dubawa.org
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