The Bank of Ghana (BoG) has challenged journalists to actively combat misinformation and strengthen economic reporting. Bernard Otabil, the Bank's Director of Communications, delivered this message at a media capacity-building program in Koforidua.
Mr. Otabil warned that inaccurate reporting and false narratives can severely impact public confidence and investor sentiment. He stressed that understanding, debating, and reporting economic policies directly shapes economic behaviour. This underscores the critical role journalists play as a bridge between policymakers and the public.
This initiative aligns with the BoG's broader efforts to stabilize and grow the Ghanaian economy amidst global and domestic challenges. Previous reports from the BoG have consistently highlighted the importance of clear communication regarding monetary policy decisions and financial stability. For instance, the BoG’s Monetary Policy Committee often emphasizes data transparency to guide market expectations.
“How economic policies are understood, debated and reported ultimately shapes public confidence, investor sentiment and behaviour in the real sector,” Mr. Otabil stated. He emphasized that the BoG values partnerships that ensure accurate, contextual, and solution-focused reporting on monetary policy and financial stability. This perspective highlights the central bank's focus on maintaining economic stability through public understanding.
Mr. Otabil also provided recent economic performance data. Ghana's Composite Index of Economic Activity grew by 12.6% in March 2026. Inflation remained relatively contained at 13.7%. Additionally, Ghana's gross international reserves currently stand at approximately US$14.4 billion. This significant buffer helps protect the country against external economic shocks.
The Director of Communications expressed particular concern about misinformation and disinformation. He described these as major challenges for communication professionals today. He noted the constant need to correct false narratives and fake news that mislead the public and erode confidence in the economy. This problem often manifests in sensitive areas like inflation and exchange rates.
Mr. Otabil provided an example concerning the foreign exchange market. He explained that speculative reporting can generate unnecessary demand for foreign currencies. This distorts market behaviour and intensifies economic pressures. When people believe unverified reports of cedi depreciation, they may rush to buy foreign currency. This collective panic can create significant pressure on the market.
The three-day media training program, sponsored by Governor Dr. Johnson Pandit Asiama, brought together journalists from the Central, Volta, Eastern, and Ashanti regions. It aims to deepen journalists' understanding of monetary policy, financial markets, and banking sector developments. Participants will engage with central bank experts on topics such as monetary policy transmission and exchange rate dynamics. This capacity building is vital for improving the overall quality of economic reporting in Ghana.
Moving forward, the accuracy of economic news reporting will be crucial for maintaining Ghana's economic resilience. Decision-makers and markets will closely watch how media houses integrate these lessons into their reporting practices. This effort is key to ensuring informed public discourse and stable investor confidence. The BoG hopes this initiative will empower citizens to make informed decisions and strengthen trust in public institutions.