The Bank of Ghana (BoG) has called on journalists to strengthen the quality of economic reporting. The central bank warns that inaccurate narratives on sensitive economic issues can undermine public confidence, distort market behavior, and weaken policy effectiveness.
Bernard Otabil, Director of Communications at the Bank of Ghana, made these remarks at a three-day media training program in Koforidua. He emphasized the strategic role journalists play in helping the public understand monetary policy, financial markets, and broader economic developments. The program aims to deepen journalists' understanding of key economic concepts.
This initiative aligns with Ghana's ongoing economic recovery following a period of severe macroeconomic stress. The economy has experienced debt restructuring, high inflation, and currency volatility. Accurate reporting is crucial to maintaining stability and confidence during this recovery phase.
Mr. Otabil stressed the media's role as a critical link between policymakers and the public. He said journalists must explain economic policy decisions accurately and accessibly to citizens and businesses. "How economic policies are understood, debated and reported ultimately shapes public confidence, investor sentiment and behaviour in the real sector," he stated.
The training focused on monetary policy, banking sector developments, financial markets, and exchange rate dynamics. It also covered responsible economic journalism. The BoG hopes this will lead to more accurate, balanced, and contextual economic stories.
Ghana’s Composite Index of Economic Activity expanded by 12.60% in March 2026. Inflation remained relatively contained at 3.70%. Gross international reserves stand at approximately US$14.40 billion, providing a buffer against external shocks.
Mr. Otabil cautioned journalists against relying solely on headline numbers. He explained that statistics alone do not fully capture the impact on people, livelihoods, and businesses. Economic reporting has real consequences, influencing household spending and investor decisions.
The central bank views communication as vital for maintaining confidence in the financial system. It combats misinformation and disinformation, which Mr. Otabil described as a major challenge. He highlighted how false narratives can mislead the public and erode economic confidence.
Inaccurate reporting on areas like inflation, exchange rates, or currency performance can lead to panic-driven decisions. For example, unverified reports about the cedi’s depreciation can cause a rush to buy foreign currency. This collective panic then puts pressure on the market and affects the wider economy.
Journalists must go beyond reporting economic challenges to highlight new opportunities. These include sectors like agriculture, manufacturing, and exports. Responsible economic journalism should help citizens understand both the risks and opportunities within the economy.