By Seraphine Nyuiemedi
The Bank of Ghana (BoG) has reiterated the need for accuracy in financial journalism, stressing that a journalist’s effectiveness depends on their understanding of economic issues.
The Director of Communications at the BoG, Mr. Bernard Otabil, made this statement during the opening of a two-day media capacity-building workshop at Ho in the Volta Region.
The workshop, exclusively for journalists in the Volta Region, aims to equip 25 selected participants from various media houses with a deeper understanding of economic and financial reporting.
Mr. Otabil said misinformation in financial journalism often results from a lack of knowledge and urged reporters to continuously educate themselves.
“A journalist is only as good as their understanding of the subject they are reporting on. That is why we are here to provide training on what we do as a central bank, particularly our monetary policy report. There have been instances where reports have been inaccurately presented, and this often stems from a lack of deep understanding of financial and economic issues,” he stated.
He likened inflation to an “armed robber” that silently erodes people’s savings, making it difficult for them to plan their finances. He explained that controlling inflation remains a key mandate of the BoG, as it directly impacts the standard of living and exchange rate stability.
“If the price of goods and services keeps rising while your income remains the same, you can no longer afford what you used to buy. That is why controlling inflation is crucial, as it directly impacts the standard of living of all citizens,” he said.
On the first day, participants were taken through several key topics, including Macroeconomic Analysis and the Significance of Macroeconomic Indicators, Monetary Policy Practice in Ghana, and Understanding Inflation Dynamics in Ghana.
On the issue of specialisation in journalism, Mr. Otabil stressed the importance of continuous learning. He advised reporters interested in financial reporting to dedicate time to reading at least one article per week on economic and business topics, stating that this practice could transform them into experts over time.
“One workshop cannot make you an expert overnight, but consistency in learning will. If you read a 500-word article on financial matters every week, in a year, you would have read 52 articles, enough to give you a strong grasp of the subject,” he advised.
He also highlighted the global standard of financial journalism, pointing out that in countries like the UK, media houses often prefer subject-matter specialists who are trained in reporting rather than generalist reporters.
The initiative is part of the BoG’s broader efforts to enhance media capacity, ensuring that financial news coverage remains accurate, insightful, and beneficial to the public. The event, which is still ongoing, will conclude on Friday, February 7.
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