Bank of Ghana boosts regional media capacity on monetary policy  

The Bank of Ghana (BoG) has conducted an intensive media capacity-building workshop for journalists in Eastern Region to enhance their financial reporting competencies and deepen understanding of Ghana’s monetary policy framework and decision-making processes.  

The initiative, which ran from June 25 to 28, was part of a broader national media engagement strategy of the Central Bank to promote accurate economic reporting, curb misinformation and disinformation, and enhance public understanding of monetary policy decisions. 

Addressing participants during the opening session, Mr. Bernard Ato Otabil, Director of Communications, Bank of Ghana, underscored the fundamental role of the media in shaping national discourse on financial and macroeconomic issues.  

“The Bank’s management sanctioned this programme because of the important role the media plays in enhancing the Bank’s work,” he said, emphasizing that an informed press was vital to building public trust in monetary policy decisions. 

Mr. Otabil noted that the workshop was not merely a training event but a strategic platform to strengthen ties between the central bank and journalists in the regions.  

“This initiative reflects our unwavering commitment to fostering a well-informed media landscape, particularly in the areas of monetary policy, macroeconomic analysis, and financial reporting,” he stated. 

About 28 participants were trained on critically key topics such as accurate financial reporting, the dynamics of inflation in Ghana, developments in the foreign exchange market, and macroeconomic indicators as well as monetary policy practices and the workings of the central bank’s balance sheet. 

Highlighting ongoing innovations in the Bank’s communication strategy, Mr. Otabil praised Governor Dr. Johnson Pandit Asiama for introducing transformative practices that enhanced media access and engagement. 

“Governor Asiama, at the start of every Monetary Policy Committee meeting, now engages the media in a kick-off session to share his expectations within the context of domestic and global economic trends,” he said. 

Also, in a major step toward transparency and accountability, the Central Bank now publishes individual submissions of members of the Monetary Policy Committee, a move that brings Ghana’s practices in line with global standards among inflation-targeting central banks. 

“Since the Bank adopted the inflation-targeting monetary policy framework in 2007, this is the first time such submissions have been released,” Mr. Otabil stated. “It’s an important step in improving comprehension of our decision-making processes.” 

BoG has already held similar capacity building workshops in the Volta, Ashanti, and Western Regions, training over 75 journalists in total.  “If all the journalists we’ve invited for today’s programme attend, that number will rise to 100,” he added. 

These engagements have led to the formalization of a regional press corps and the creation of dedicated WhatsApp channels for rapid dissemination of information.  

“Today, journalists in the regions receive information from the Bank in real-time for publication, thereby enhancing the Bank’s accountability to the public,” he said. 

Mr. Otabil further called for a more informed and balanced reporting on the role of “Abotsi” or black-market forex sector, cautioning against misinformation and misplaced criticism over foreign exchange (FX) stability concerns. 

Responding to questions, he touched on the importance of recognising the contributions of local economic actors like Abotsi, known for their presence in the real sector, while drawing the attention of journalists to amplify regulatory clarity in FX transactions. 

“It’s about convenience,” he said, referring to the door-to-door operations of motorcycle-based forex delivery services now associated with Abotsi enterprises. “One of them was killed during a delivery. But this sector is visible. We cannot ignore it.” 

Mr. Otabil said the size of Abotsi’s financial activities was minimal compared to Ghana’s overall foreign exchange operations, stating; “Abotsi accounts for only 4 to 5 percent of all foreign exchange transactions.” 

He advised against spreading disinformation, including viral videos that wrongly suggest illegal cash transfers to the black market, stressing: “That narrative is so bad. Please, correct this impression.”  

He noted that Abotsi operators mobilized their own capital and that, “Nobody is taking money from any formal institution to give to Abotsi,” he stated. “They operate amongst themselves.” 

Mr. Maxwell Kudekor, the Eastern Regional Chairman of the Ghana Journalists Association, praised the Bank for its commitment to improving journalistic excellence through targeted training initiatives in recent times. 

He highlighted the association’s long-standing partnerships with various institutions, designed to enhance the essential skills of journalists and contribute to a well-informed society.  

He noted that the ongoing capacity-building initiatives would not only improve the professional competencies of Ghanaian journalists but also empower them to stay competitive in a constantly changing media landscape. 

Source: GNA