Bank of Ghana Commits to Media Empowerment Against Misinformation in Digital Economy

The Bank of Ghana (BoG) has reaffirmed its commitment to combating misinformation and disinformation in the digital space following a two-day training workshop for media practitioners from the Bono, Bono East, and Ahafo Regions.

Bernard Ato Otabil, Director of Communications at the central bank, emphasized that the proliferation of false information poses a significant threat to Ghana’s developing digital economy. The workshop, held in Sunyani, was designed to enhance journalists’ understanding of complex economic and financial issues, enabling more accurate reporting on monetary policy.

“The BoG has adopted an approach of engaging journalists to update their knowledge with vigorous training and dialogue on financial and economic issues to boost their understanding,” Otabil explained during the event. He stressed that this initiative would position media professionals to report more effectively on both the bank’s operations and broader economic matters.

The workshop comes at a critical time for Ghana’s economy, which has faced significant challenges in recent years including high inflation, currency depreciation, and the aftereffects of the COVID-19 pandemic. The country is currently implementing an International Monetary Fund (IMF) program aimed at restoring macroeconomic stability, making accurate financial reporting especially vital for public understanding.

Otabil highlighted a common challenge in economic communication: “The primary mandate of the BoG in maintaining stability in the general level of prices is not understood by many because we normally don’t speak the language of monetary policy.” This technical language barrier often creates disconnects between central bank policies and public comprehension, potentially fueling misinformation.

The training covered crucial topics including the BoG’s regulatory mandates, monetary policy committee statements, inflation dynamics, foreign exchange market operations, data interpretation, and balance sheet analysis. These areas represent the foundation of financial journalism and economic reporting, providing participants with essential tools to interpret complex monetary developments.

Abdulai Lawal Abubakari, the BoG’s Bono Regional Manager, acknowledged the media’s essential role in shaping public discourse and ensuring accountability among public officials. He encouraged participants to apply their newly acquired knowledge to drive positive change through informed reporting on the bank’s monetary policies.

The initiative reflects a growing trend among central banks worldwide to improve their communication strategies with the public. In an era of rapid information dissemination through digital channels, central banks increasingly recognize that effective monetary policy depends not only on sound economic decisions but also on clear communication that builds public trust and understanding.

Ghana’s financial landscape has evolved significantly in recent years, with a rapid expansion of digital financial services, mobile money, and financial technology innovations. These developments have created new opportunities but also introduced complexities that require specialized knowledge to explain to the general public.

The BoG’s media engagement strategy aligns with international best practices that emphasize transparency and clarity in central bank communications. Similar programs have been implemented by leading central banks including the Federal Reserve, the Bank of England, and the European Central Bank.

The workshop represents part of a broader effort by the BoG to strengthen its relationship with the media as key intermediaries in communicating complex economic information to the public. By investing in media capacity building, the central bank aims to create a more informed public discourse around monetary policy and economic management—essential components for maintaining confidence in Ghana’s financial system during challenging economic times.