The Bank of Ghana (BoG) has called on journalists to play a more active role in combating misinformation and disinformation, warning that inaccurate reporting on economic and financial issues can undermine investor confidence, distort market expectations and affect livelihoods.
The appeal was made during a four-day media capacity-building programme in Koforidua, where journalists from the Eastern, Ashanti, Central and Volta regions received training on central banking operations, monetary policy, inflation, exchange rates and reserve management.
Officials of the central bank stressed that in an era of rapid information sharing, the media has a critical responsibility to ensure accuracy and context in reporting economic developments.
Addressing participants, Mr Bernard Ato Otabil, Director of Communications at the Bank of Ghana, described misinformation as one of the most significant threats facing economies and societies today.
“Economies move on information. Markets move on information. If you put out wrong information, an investor or a fund manager acts on that information thinking he is making an informed decision. If it turns out to be wrong, people lose money and confidence,” he said.
Mr Otabil noted that false information often spreads much faster than corrections, making responsible journalism essential to maintaining public trust and market stability.
He referenced global assessments that continue to rank misinformation and disinformation among the major risks confronting countries and businesses worldwide.
According to him, journalists serve as important intermediaries between institutions and the public and therefore play a vital role in helping citizens make informed decisions.
“We cannot reach everybody on our own. Through your various platforms, people are able to make informed decisions. The information you put out shapes lives, shapes businesses and shapes the country,” he stated.
A significant part of the programme focused on addressing public misconceptions surrounding exchange rate movements, inflation trends, gold reserves and the financial position of the central bank.
Officials explained that discussions around the economy are often influenced by speculation and incomplete information, leading to public misunderstandings and unnecessary anxiety.
Ms Akua Afriyie Nettey, Head of the Foreign Exchange Market Intelligence and Compliance Unit at the Financial Markets Department, urged journalists to verify information before reporting on the foreign exchange market.
She warned that unsubstantiated claims about the cedi could fuel panic buying of foreign currency and create avoidable pressure on the market.
“It is important that in your reporting and engagement, you give out the facts and not blanket statements that provoke panic,” she advised.
The Bank also used the programme to explain its reserve management strategy, including the expansion of Ghana’s gold reserves, which officials said was intended to strengthen economic resilience and diversify the country’s reserve assets.
Participants were further taken through the role of central banks, with officials emphasising that the Bank of Ghana’s primary mandate is to maintain price stability and support economic stability rather than generate profits.
Dr Providence Boateng Mireku, Head of the Balance of Payments Office at the Research Department, noted that the effectiveness of a central bank should be measured by its ability to keep inflation under control and support economic recovery rather than by its financial profits.
The training programme forms part of broader efforts by the Bank of Ghana to deepen public understanding of economic issues and strengthen collaboration with the media.
As part of that strategy, the Bank announced plans to expand engagement with journalists, increase access to monetary policy briefings and introduce a Governor’s Award for Economic and Financial Journalist of the Year to promote excellence in economic reporting.
Participants welcomed the initiative, describing it as a valuable opportunity to improve their understanding of complex financial issues and enhance the quality of economic journalism in Ghana.
