Bernard Otabil, Director of Communications at the Bank of Ghana (BoG), warns that misinformation poses a growing threat to Ghana's economic stability. He also stated that it endangers national security and social cohesion. This warning followed the opening of the BoG's nationwide Media Capacity Building Programme in Koforidua.
The BoG is investing in journalist training to promote accurate financial reporting. Mr. Otabil emphasized that reliable information guides decisions for citizens, investors, businesses, and policymakers. False information can quickly spread, making corrections difficult, and leading to distorted understandings among the public.
This concern about misinformation aligns with global assessments, including the World Economic Forum's Global Risk Reports. These reports consistently rank misinformation as a top threat to global stability, including for 2024, 2025, and 2026. This highlights the issue's severity as seen by over 1,000 international business leaders.
Mr. Otabil stressed that financial markets depend on accurate data. Wrong information can lead investors and fund managers to poor decisions, causing significant losses and eroding confidence. Such inaccuracies can discourage investment, distort market behavior, and negatively impact economic activities vital for employment and national development.
The BoG’s initiative aims to enhance journalists' understanding of economic matters, including monetary policy decisions. Mr. Otabil referenced historical events, such as the Rwandan genocide, to illustrate how misinformation can have devastating consequences. He highlighted that while Ghana enjoys media freedom, this freedom comes with a significant responsibility for accurate and ethical reporting.
The BoG is committed to ensuring journalists have access to correct information. This promotes factual and responsible reporting without spin or distortions. Strengthening economic journalism helps protect public trust and supports positive national development. By improving reporting quality, Ghana can better manage economic risks and foster a stable environment for growth.
Decision-makers and markets will closely monitor the effectiveness of these capacity-building efforts. The goal is to see a tangible improvement in financial news accuracy. This will help maintain investor confidence and safeguard the national economy against the disruptive power of false information. The central bank's stance underscores the critical link between reliable information and a healthy economic outlook.