[ 2015-03-26 ]

GSS vindicates Bawumia; admits GDP errors
The Ghana Statistical Service (GSS) has admitted
there were errors in a recent data about the
country’s economic growth posted on its
website.

“GSS wishes to state that there was error during
the transmission of the data unto its website. The
correct figure is 4.8 percent and not the 2.2
percent which has subsequently been identified and
corrected.

“The institute for fiscal studies raised similar
concern in January 2015 and they were provided
with the above information and the correct figure.
It may interest the public to note that the 2009
GDP growth rate of 4.8 percent was the figure
provided to the IMF in January 2015,” the GSS
clarified in a statement Thursday.

The reaction follows the casting of doubts over
the credibility of the data presented to the IMF
by the government by the 2016 running mate of the
New Patriotic Party Dr Mahamudu Bawumia.

According to the former Deputy Governor of the
Bank of Ghana, there are inconsistencies with the
two main sets of data based on which the programme
is fashioned – inflation and the GDP.

Dr. Bawumia made the disclosure while speaking on
the topic: “The IMF Bailout, Will the Anchor
Hold” at a public lecture organised by the
Central University College as part of their
‘Distinguished Speaker Series’.

“Mr. Chairman any economic and financial
programme is only as good as the data used to
formulate the programme. Credible data provides
the basis of the analytical framework to respond
adequately to economic challenges. If you have
make-believe data you will end up with
counterproductive or inadequate responses to
economic policies. If your data is not credible,
the anchor cannot hold. With make-believe data as
the basis, the best you can achieve is
make-believe results which will soon be exposed as
we are witnessing currently,” he said.

Dr. Bawumia explained that the inflation data on
which the programme was drafted had question marks
on it.

“Mr. Chairman, the data on inflation produced by
the [Ghana Statistical Service] GSS does not
appear to reflect actual price developments. I
have raised this issue before and I have returned
to it today with further and better particulars.
The year 2014 was a very bad one as far as the
economy is concerned.

Source - Starrfmonline

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