Mrs. Matilda Asante-Asiedu, the Second Deputy Governor of the Bank of Ghana (BoG), asserted that a free and responsible press is vital for promoting economic stability. She highlighted the media's essential role in safeguarding public trust and supporting Ghana's national development. Trust remains the most valuable asset for both media organizations and the financial sector.
Mrs. Asante-Asiedu’s remarks came during the commemoration of World Press Freedom Day in Accra. She explained that banks rely on public confidence to remain stable, just as media organizations depend on credibility to sustain their operations. When trust and confidence erode, recovery becomes significantly more difficult for both sectors, she added.
This emphasis on trust fits into Ghana's broader economic story, especially as the nation navigates efforts to maintain macroeconomic stability. The BoG has consistently worked to manage inflation and stabilize the Ghana cedi. Accurate reporting helps prevent panic and speculative demand in the foreign exchange market. The World Economic Forum's Global Risks Report ranks misinformation as a severe global risk, underscoring its potential impact on financial markets.
“A bank can absorb temporary losses if confidence remains intact, just as a media organisation can withstand financial pressure if public trust is preserved,” Mrs. Asante-Asiedu stated. “But when confidence and trust erode, recovery becomes significantly more difficult.”
The central bank considers the media a key partner in communicating monetary policy decisions to the public. The BoG has intensified efforts to engage with journalists through regular training programmes. These initiatives include post-Monetary Policy Committee briefings and publishing individual committee members' policy submissions. These actions aim to enhance transparency and accountability in economic reporting.
The Second Deputy Governor also addressed currency fluctuations, noting that Ghana's managed floating exchange rate regime naturally includes both appreciation and depreciation of the cedi. She cautioned against reporting exchange rate movements without adequate context. Such reporting can trigger panic, encourage speculative demand for foreign currency, and heighten market volatility. When the cedi stabilizes, businesses can plan with greater certainty. Import prices become more predictable, and households better preserve their incomes and savings.
Protecting the value of the cedi is a shared responsibility, Mrs. Asante-Asiedu affirmed. This responsibility involves policymakers, businesses, households, and the media. The Bank of Ghana is committed to prudent monetary policies to sustain macroeconomic stability and support long-term economic growth. Stronger collaboration between the media and policymakers is essential. Responsible journalism should inform the public without igniting tensions, question authority without prejudging, and report accurately without distortion.