The Bank of Ghana (BoG) has urged media to report responsibly on foreign exchange developments, warning that poorly contextualised coverage of daily cedi movements can create fear, fuel speculative demand, and heighten market volatility. Mrs. Matilda Asante-Asiedu, the Second Deputy Governor of the BoG, made these remarks at the World Press Freedom Honours Night 2026 in Accra.
Ghana operates a managed floating exchange rate regime. This system means that daily appreciation and depreciation of the cedi are normal features of market activity. They should not automatically be reported as signs of crisis, according to Mrs. Asante-Asiedu. She cautioned that reporting these movements without proper context could trigger unnecessary fear among businesses, households, and investors. This fear can lead to increased demand for foreign currency, driven by sentiment rather than economic fundamentals.
This call for responsible reporting comes as Ghana’s economy shows improved macroeconomic indicators. The country has recorded lower inflation and relative exchange rate stability recently. However, policymakers remain alert to potential external shocks and speculative pressures in the foreign exchange market. The BoG views currency stability as crucial for predictable import prices, moderate transport costs, and stable prices for essential goods like food and medicines. It also allows businesses to plan with greater certainty and helps households preserve the value of their income and savings.
Mrs. Asante-Asiedu emphasised that protecting the value of the currency is not only the central bank's responsibility. It is a shared national duty involving policymakers, businesses, households, and the media. “Let me be clear: currency stability has real economic consequences,” she stated. She noted Ghana has made commendable macroeconomic progress, with recent data suggesting improved growth prospects. Monetary policy remains calibrated to manage inflation risks and support broader stability.
The BoG will continue implementing a prudent policy mix to ensure sustained stability. This stability forms the foundation for Ghana’s sustainable growth and long-term prosperity. The central bank also remains vigilant in safeguarding the gains made in restoring confidence in the financial sector.
Mrs. Asante-Asiedu also highlighted the strong link between press freedom, media credibility, and economic stability. She called media a vital pillar of Ghana’s democracy. However, she warned that misinformation and disinformation pose significant risks to public trust and national development. Ghana improved to 39th out of 180 countries in the latest World Press Freedom Index by Reporters Without Borders, up from 52nd in 2025. This progress, however, should not hide persistent structural challenges facing the media sector.
Misinformation and disinformation are no longer minor concerns. The World Economic Forum’s Global Risks Report ranks them among the most severe global risks. “Credibility is the currency of journalism; once spent recklessly, it is difficult to regain,” Mrs. Asante-Asiedu said. She argued that for Ghana's largely privately-owned media, credibility is both a professional value and an economic asset. It influences audience trust, ratings, and advertising revenue. Loss of trust creates a double jeopardy: loss of credibility and loss of revenue, risking declining influence and relevance.