Bank Of Ghana Stresses Need For More Financially Literate Journalists

The Bank of Ghana (BoG) has stressed the importance of journalists, particularly reporters, morning show hosts, and radio presenters, being knowledgeable about financial and economic issues to ensure accurate reporting.

The Central Bank believes well-informed journalists contribute to creating a well-informed society.

Bernard Otabil, Director of Communications at BoG, made these remarks during the opening of a three-day media capacity-building workshop in Koforidua, the Eastern Regional capital.

The workshop, organized by BoG for Eastern Region journalists, aimed to equip about 25 selected participants from various media houses with a deeper understanding of economic and financial reporting.

Participants received training on topics including accurate reporting, monetary policy practice in Ghana, understanding inflation dynamics in Ghana, and recent developments in the foreign exchange market.

Others were responsible borrowing, understanding the central bank balance sheet and macroeconomic analysis and the significance of microeconomic indicators.

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Mr. Otabil noted that misinformation and disinformation often arise in media spaces largely because few journalists are well-versed in financial and economic matters.

To address these challenges, the Bank of Ghana has initiated regional media engagements to strengthen relationships with journalists nationwide and make information more accessible.

The Central Bank has already trained journalists from the Volta, Western, and Ashanti Regions, totaling approximately 75 journalists.

Mr. Otabil encouraged reporters to develop a greater interest in financial and economic matters.

He also highlighted global standards in financial journalism, noting that in countries like the United Kingdom, media houses often prefer subject-matter specialists with training in financial reporting rather than generalist reporters.

Mr. Otabil stated that the Central Bank is now more transparent in its operations than ever before.

“Governor Asiama, at the start of every MPC meeting, engages the media in a kick-off meeting, explaining his expectations for the meeting, in the context of global and domestic economic developments,” Mr Otabil mentioned.

He said the meetings, the first of their kind in the Bank, have proved crucial to the Bank’s monetary policy process.

“The second significant innovation by Governor Asiama is the publication of the submissions of the members of the Monetary Policy Committee. Since the Bank adopted the inflation-targeting monetary policy framework in 2007, this is the first time such submissions have been done, bringing Ghana at par with other central banks using the inflation-targeting framework,” he added.

For his part, Eastern Regional Chairman of the Ghana Journalists Association (GJA), Maxwell Kudekor, noted that the GJA had effectively collaborated with various institutions over the years to provide journalists with specialized training, contributing to a better-informed society.

He emphasized that capacity building empowers journalists to continually enhance their skills and acquire new knowledge, enabling them to excel in their careers and capitalize on emerging opportunities.

Mr. Kudekor commended the Bank of Ghana for organizing the seminar to enhance journalists’ understanding of economic and financial reporting, which he said would improve accuracy in covering these critical issues.

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