Claim: Freddie Blay, the former national chairman of the New Patriotic Party (NPP), has claimed that the county’s inflation rate currently stands at 14%.
Verdict: False. The latest data from the Ghana Statistical Service show that the year-on-year inflation rate for October is 22%.
Full Text
Various political parties are intensifying their campaigns ahead of the upcoming elections. The New Patriotic Party (NPP) and the National Democratic Congress (NDC) have ramped up efforts to rally support from their electorates, each hoping to secure votes with their respective messages.
The economy remains a pressing issue for many Ghanaians. In light of this, the National Chairman of the New Patriotic Party (NPP), Freddie Blay, urged the public to vote for the NPP, touting the government’s efforts to stabilise the economy. He claimed the government had reduced the inflation rate from 54% to 14%.
This claim was made during an interview on Citi FM’s Eyewitness News on Friday, Nov. 23, 2024, streamed live on the station’s YouTube channel and can be found from 18 minutes: 43 seconds to 19 minutes: 04 seconds.
He said, “To me and you now, the economy is picking up. The GDP growth now is about 6.5%. If I am wrong, correct me. Inflation is going down. It is from 50 something, and it is now 14%.”
Due to Citi FM’s reach, DUBAWA investigated the assertion to determine its accuracy.
Verification
The Ghana Statistical Service (GSS), the authority responsible for collecting, analysing, and disseminating statistical data in Ghana, publishes monthly updates on key economic indicators, including inflation and GDP. Is Ghana’s inflation rate 14%? In simpler terms, when inflation occurs, the cost of living rises, meaning people need more money to buy the same goods and services they previously could afford at a lower price. According to the most recent data released by the GSS for October 2024, the inflation rate stands at 22%, significantly higher than the 14% claimed by Mr Blay.
Below is a summary of inflation rates published by the GSS from January to October 2024.
| INFLATION RATE: JAN-OCT | |
| January | 23.5% |
| February | 23.2% |
| March | 25.8% |
| April | 25% |
| May | 23.1% |
| June | 22.8% |
| July | 20.9% |
| August | 20.4% |
| September | 21.5% |
| October | 22.1% |
Source: Ghana Statistical Service
It is also worth noting that throughout the year (2024), the country’s inflation rate has never been reduced to 14%, so the claim by the NPP’s former chairman is false.
Conclusion
Freddie Blay’s claim that the former National Chairman of the NPP, that the government reduced Ghana’s inflation rate from 54% to 14% is not supported by the available data from the Ghana Statistical Service (GSS). According to GSS, the inflation rate for October 2024 is 22%, and it has never dropped to 14%.