Without media, economic policy means nothing to citizens – Governor

Dr. Johnson Asiama, Governor of the Bank of Ghana, asserts that economic policy remains ineffective without media coverage, as informed citizens are essential in comprehending monetary policies, inflation, exchange rates, financial sector reforms, and digital finance. The Governor emphasizes that professional journalism acts as a guide for the public, distinguishing fact from fiction and enhancing their understanding of critical economic issues.

He highlights that the Central Bank relies heavily on the media for effective communication of its policies and objectives, as media transparency, credibility, and accountability are crucial for open and effective engagement with all stakeholders.

The central bank's decisions impact every household, business, and market in the country, and accurate reporting enables the public to grasp the reasons behind interest rate fluctuations, price changes, and the Bank's efforts to maintain economic stability. Financial sector reforms, which can be complex and technical, benefit from journalists' ability to simplify the information, explain who gains from the changes, what modifications have occurred, and how citizens can safeguard their finances.

Moreover, Dr. Asiama asserts that improved economic understanding helps citizens save wisely, borrow responsibly, invest carefully, and hold institutions accountable, thereby fostering financial literacy throughout Ghana. The Governor acknowledges the transformative role of digital finance, praising the media for its crucial part in promoting safe adoption through the explanation of mobile money, digital payments, fraud risks, and consumer rights.

He also warns about the potential risks posed by technological advancements, such as the spread of misinformation, disinformation, online abuse, misleading data, and hate speech, calling for caution in this regard.

As guardians of public discourse, journalists play a vital role in fostering social unity, encouraging well-informed discussions, and protecting democratic principles. Dr. Asiama urges journalists and media professionals to move beyond sensationalism, focusing instead on depth, accuracy, and context to inform decisions rather than instill fear and confusion.

He reaffirms the Bank's commitment to working closely with the media, emphasizing that partnership is not a favor to journalists but a necessity for a stable, transparent, and inclusive economy. The 30th GJA Media Awards, held under the theme "Celebrating Excellence, Advancing Media Freedom and Combating Hate Speech in the Digital Age," underscored the importance of protecting press freedom while promoting responsible journalism.