EconomyFact CheckLiberia

Unity Party exited government with 12.4% inflation, not 30% in 2017

Claim: “When the Unity Party was exiting in 2017, inflation was 30%,” said Randall Dobayou, a stalwart of the CDC and Deputy Director for the Environmental Protection Agency.

Unity Party exited government with 12.4% inflation, not 30% in 2017

Verdict: False. “Inflation did not hit 30% in 2017, as asserted by the speaker. Data from the World Bank, IMF and others suggest 12.44%.”

Full Text

The debate surrounding the best platform to transform the country has taken centre stage on major radio platforms across Liberia as the crucial October 10 Presidential and Legislative elections draw closer.

One such argument among Liberian politicians is the issue of how the economy has been managed so far and how the winner of the upcoming elections can consolidate the gains made.  

A stalwart of the ruling establishment and deputy director for the Environmental Protection Service, Randall Dobayou, said one of the track records of the Weah administration had been macro-economic stability. 

“We all saw in this country the Unity Party exit. The inflation was at 30%. Today, according to the IMF and World Bank report, inflation is 7%. So for the economy, we have already taken giant steps,” said Dobayou as he argues Weah’s government’s priority on the OK Conversation show with two other opposition members.

He made these statements during the show on Monday, May 29, 2023, just around 46 mins of the program. The claimant responded directly to a question about the government’s major concerns and how unique the CDC ticket is compared to others.

Due to the weight of the claim and its biting effects on citizens, DUBAWA has seen the need to fact-check the statement.

Verification

Inflation is a term that we use to describe rising prices. It also reflects the annual percentage change in the cost of goods and services. The consumer price index usually measures it.

Before Weah’s election in 2017, President Ellen Johnson Sirleaf, a Havard-trained economist, presided over the country’s leadership. According to world bank data, inflation in 2017 stood at 12.4%.

Also,  the International Monetary Fund data for Liberia’s inflation indicate that in 2017 the inflation rate was 12.4%.

Other data sources like ‘Statista’, macrotrends have on their separate websites 12.44%  and 12.42 as Liberia’s inflation rate for the year 2017.  

However, Checks by DUBAWA indicate that Liberia’s current inflation is 6.9 or 7%.

Conclusion 

Findings show that the assertion that Liberia’s inflation was 30% in 2017 is false.

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