Claim: Ghana’s Inflation Rate is 52.7%.
Verdict: Misleading, Ghana’s inflation rate is high but it is not 52.7%
Full text: Governance Commissioner (GC), Board Chairman, Atty. Garrison D. Yealue’s appearance at the Ministry of Information Cultural Affairs and Tourism (MICAT) press briefing (50 mins -20 seconds) claims that Ghana’s inflation rate is 52.7%.
Yealue, a former Lawmaker of Nimba County claimed on Thursday, July 6, 2023, at MICAT. A platform that provides opportunities to government institutions, development partners and other citizens to speak to issues of their institutions.
During his appearance, he outlined the gains the GC has made and the successes of the Weah-led government.
Finding: The Stage Media checked the Trading Economics website and established that Ghana’s annual inflation rate ticked higher to 42.2% in May 2023, up from a six-month low of 41.2% in the month before.
Ghana’s actual inflation rate is 42.2 according to Trading Economics.
The chart below explains the months the rate changed, the actual rates and the previous months’ rates although it did not capture the actual rate in June but showed 42.2% as the previous inflation rate of that month.
See the chart below.
A screenshot from the site
We also checked the World Bank to further verify the claim that shows Ghana’s Inflation rate in 2019, which stood at 7.2, in 2020, the rate was 10.0, in 2021 it maintained at 10.0 and in 2022 the consumer rate increased to 31.3.
The World Bank does not have a 2023 record of Ghana’s Inflation Rate, but in the history of Ghana as far back as 1970, there is no record of Ghana having an Inflation rate of 52.7 although there are inflation rates that are higher than the 52.7 rate the GC boss pronounced.
Reuters in June reported that Ghana’s inflation rises to 42.2% and not 52.7 % as stated by Yealue.
TSM also reached out to Yealu to get the source of his information he has not responded to our message. If he responds the article will be updated.
Screenshots from messages sent him on Friday and Saturday, days before he blocked our editor on messenger
Conclusion: Atty. Garrison D. Yealue Jr. was right when he said Liberia’s inflation rate was better than Ghana’s but got his facts wrong when he indicated that Ghana’s inflation rate was 52.7%. Therefore, his assertion about Ghana is misleading.
