The Bank of Ghana (BoG) has underscored the need for specialized financial journalism, emphasizing that accurate and well-informed reporting plays a crucial role in shaping public perception and supporting the central bank’s mandate of maintaining monetary and financial stability.

Mr Bernard Otabil, the Communications Director of the Bank of Ghana, made this assertion during an interview with the media after the opening session of the media capacity building workshop for journalists in the Volta Region, held at Stevens Hotel, Ho.

He lamented the increasing trend of misinterpretations in financial reporting, which he attributed to journalists' inadequate understanding of economic and monetary policy issues. "We have had situations where reports have been inaccurately carried out, sometimes due to the lack of understanding of financial and business issues. That is why it is important to provide the necessary training to ensure that reports accurately reflect our intended message," he stated.

Mr Otabil drew an analogy between inflation and an "armed robber," explaining that inflation erodes people's savings and diminishes their purchasing power. "By arresting this armed robber—that is, by maintaining price stability—we improve the standard of living for all of us. This is the mandate of the central bank," he stressed.

The two-day workshop aims to equip journalists with the skills necessary for accurate financial reporting, particularly in areas related to monetary policy, inflation, and macroeconomic indicators. Journalists were taken through various sessions led by BoG experts, including Bernard Otabil (Communications Director, BoG), accurate reporting. Macroeconomics and the significance of macroeconomic indicators by Providence Mireku, monetary policy by James Attuquaye, and inflation by Daniel Delali Ngoh.

A Call for Continuous Media Engagement

The Chairman of the Volta Regional Chapter of the Ghana Journalists Association (GJA), Emmanuel Agbaxoede, commended the Bank of Ghana for organizing the workshop and emphasized the importance of continuous engagement between the central bank and the media.

"You know, when there is no proper training, there is no growth. So, for us receiving leaders from the Bank of Ghana to organize this workshop, let me commend them. But this should not be the end of it. There should be constant engagement so that we can properly interpret and report monetary policy decisions, which will ultimately benefit the country," Mr Agbaxoede said.

Bridging the Gap Between Journalism and Financial Literacy

One of the key issues raised during the workshop was the lack of financial specialization among journalists in Ghana. Mr Otabil noted that in some developed countries, media organizations prioritize subject-matter expertise over generalist reporting. "In the UK, for example, they prefer to hire someone with a background in environmental science and train them in journalism rather than taking a journalist and trying to teach them environmental issues. This ensures accuracy and depth in reporting," he explained.

To address this knowledge gap in Ghana, he encouraged journalists to take personal initiative in financial literacy. "If you read just one 500-word article on financial or economic issues each week, by the end of the year, you would have read 52 articles—enough to develop expertise in that area," he advised.

Conclusion

The Bank of Ghana's Media Capacity Building Workshop in the Volta Region represents a significant step towards fostering accurate and informed financial journalism in Ghana.

With the increasing complexity of economic and monetary policy issues, continuous training and engagement between the media and financial institutions will be critical in ensuring that the public receives well-researched and factual financial news.