Business News of Tuesday, 14 June 2022
Source: www.ghanaweb.live
2022-06-14Journalists charged to play critical role in disseminating key economic information
Some BoG executives in a photo with Journalists
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The Bank of Ghana has charged members of the media in the country to effectively play their role in helping to build and
Read full articlerestore confidence in the Ghanaian economy through accurate reportage.
According to the Director of Research at the central bank, Dr. Philip Abradu-Otoo, Finance and Business Journalists must continue to play their role in disseminating key economic information and data to the public.
Addressing journalists at a recently organised media workshop by the BoG, Dr Abradu-Otoo, underscored the importance of transparency in helping to boost economic confidence in society.
“As an inflation-targeting central bank, the Bank views transparency as key in promoting credibility of the Bank’s policies. Transparency is possible when accurate reportage informs the public of the exact nature of developments in the economy as well as the real implications of actions taken by policymakers,” he explained.
“Therefore, the Bank’s engagements with key stakeholders are necessary to foster the creation of an informed public, whose accurate grasp of economic and financial issues are crucial to guaranteeing the smooth functioning of the economy,” he added.
Dr Abradu-Otoo further pointed out that efforts aimed at building confidence in the economy will have to come from all facets of economic life and every institution must therefore play its role.
“In no particular order, the Government must play its role in delivering growth in a stable economic environment, the Central Bank will have to guarantee low and stable inflation using the tools available at their disposal while the private agents must take advantage of conditions around them,” he stressed.
He continued, “Additionally, the press must leverage all to influence the direction of economic thinking and to influence society by harking back to the IPI cardinal principle of journalism. The press must Inform, Persuade and Influence society.”
The Director of Research of the Bank of Ghana urged the media to use all available data at their disposal, to drive analytical discourse and exude confidence.
He also charged Business and Financial Journalists to go beyond the data provided them and adopt more interrogation methods of the data and understand it better.
Meanwhile, members of media represented by IFEJ, JBA, PRINPAG commended the management of the Bank of Ghana for organising the media training workshop.
The programme which was on the theme “Sustaining the Recovery: The Role of the Journalist in Building Confidence” was aimed at building the capacity of business and financial journalists to improve understanding and communication of monetary policy issues.
The Journalists were taken through courses such as; Monetary Policy Practice in Ghana; Understanding Inflation dynamics in Ghana; Understanding Balance of Payments; Foreign Exchange Market/ Currency Volatilities, Causes and Effects; Regulating Fintechs and payment platforms and education on credit;
Other topics focused on Causes and Effects; Regulating Fintechs and payment platforms and education on credit; Interpreting Data Pack; and Engagement on practical financial reporting exercises.
