FACT-CHECK: President Mahama’s statement about BRICS and G7 data in inaugural speech

Claim: President John Mahama speaks on G7 and BRICS nations’ dominance in global economics

Source: John Dramani Mahama

Verdict: Mixture

Researched by Gifty Danso

President John Dramani Mahama, in his inaugural speech on January 7, 2025, made a statement about the current global economic power blocs – specifically about the Group of Seven (G7) and Brazil, Russia, India, China and South Africa economic bloc known as the BRICS nations. 

In that address, he compared data about the two blocs stating: “In 2023 for instance, the G7’s combined total world GDP was 30%; by 2029, that number is predicted to drop to 27%. In 2023, the BRICS’ percentage of world GDP was 37.3%.”

According to President Mahama, there is a seismic shift within the system of global economic dominance. 

“Whereas the G7 nations—the United States, United Kingdom, Canada, France, Germany, Italy, and Japan—once provided the highest percentage of the world’s GDP, over the last decade, that number has been steadily dropping. However, the combined total of the GDPs of the BRICS nations—Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE—has been consistently increasing,” he said. 

This fact check seeks to verify the claim. 

Fact-check 

To fact-check the claim, GhanaFact relied on data about purchasing power parity provided by the International Monetary Fund (IMF), and the World Economic Forum (WEF). 

According to the IMF’s purchasing power parity data, the combined Gross Domestic Product (GDP) of the G7 stood at 29.48% in 2023. This is marginally lower than the 30% President Mahama referred to in his speech. However, by 2029, that figure is projected to be around 29.01%. 

Figure 1- G7 share of world GDP in 2023. (Image source: IMF)

Figure 2 – G7 share of world GDP in 2029 (Image source: IMF)

For the BRICS bloc, that GDP was around 37.3% in 2023, according to estimates from the World Economic Forum (WEF).

“Today, BRICS countries are home to roughly 3.3 billion people — over 40% of the global population. The BRICS economies also account for an estimated 37.3% of global gross domestic product based on purchasing power parity. 

“China alone represents 19.05% while India accounts for 8.23%, according to the International Monetary Fund. Meanwhile, the United States and the European Union account for roughly 14.5% each. Moreover, the BRICS bloc is increasingly becoming a major economic power with regards to commodities trading,” the WEF said in a publication. 

Table 1 – Comparative view of G7 and BRICS GDP figures by John Mahama and IMF/WEF

Verdict 

From the above, President Mahama’s data from his inaugural speech is rated MIXTURE. 

We have reached out to the office of the President with our findings. This report will be updated as and when we receive a response.