You Must Report Accurately To  Influence Economic Thinking –First Deputy Governor Tells Journalists

Amidst measures to restore confidence in the economy, the First Deputy Governor, Bank of Ghana (BoG), D r. Maxwell Opoku-Afari has urged journalists to influence economic thinking with their financial reportage.

Opening a workshop for the members of journalists for Business Advocacy (JBA), Dr . Opoku-Afari said there is a need for accurate reportage on these developments to rebuild confidence in the economy.

In a speech read on his behalf by the Director of Research of BoG, Mr . Philip Abradu-Otoo tasked journalists at a-2 day training workshop in financial reporting on the theme: Accurate reportage, thee ey to financial stability, he urged journalists to be circumspect on financial reportage.

He said the financial system would gain the needed confidence based on the accuracy of the financial outlook.

"Let me remember the IPI cardinal principle of journalism. The press must Inform, Persuade and Influence society. In so doing, the press will have to use all available data at their disposal, to drive analytical discourse and imbibe confidence", It stated.

He urged journalists to go beyond the data provided to them and do more interrogation of data to understand and inform better 
The First Deputy Governor maintained that in-depth knowledge about the following policy strategies and properly reporting on the game would improve sentiment about the economy and also help catalyze growth.

He enumerated that the expenditure control measures by the government together with new revenue mobilization could aid support the fiscal consolidation path and help lift financing constraint policies to improve the business operating environment to attract private capital.

This he added would also attract both foreign direct investment and portfolio investment through the rule of law, protection of property rights,  transparency, and accountability coupled with political and macroeconomic stability would contribute immensely to regaining investor confidence.

Additionally, he indicated that the export diversification and building of import substitution industries to leverage the African Continental Free Trade Area that has provided a tremendous opportunity to increase intra-regional trade and regional integration.

He mentioned that it will help improve the trade balance and possibly the current account and reduce the need for external financing among others.

"...first, it is generally acknowledged that the behavior of nomic agents is influenced by both the economic and financial environment, which is largely shaped by the narratives of the media.

The media's role in influencing economic narrative is even more crucial during periods of heightened uncertainty. Under such instances, the media has additional responsibilities to decide the timing of release and newsworthiness of the information at hand for accurate reportage. 

"As financial journalists, it is possible to come in contact with different information sets, some of which may be confidential, and which if published, could destabilize the financial system," he admonished.

Financial journalists, he maintained, have the responsibility to weigh the implications for the financial stability of information they intend to publish.

"Ladies and gentlemen, the role of the media is also crucial and that is what I want to stress  We see the role of journalists as key facilitators in the transmission of policy actions. Accurate reportage helps transmit policies quicker and monetary policy becomes efficient. Time and again we in Africa have complained about the peak transmission of monetary policy. 

"But we must know that there's a relationship between freedom of the press and transmission of monetary policy action and an educated population. A free press operating in an environment where data is assessable is more efficient and supports the transmission of policy actions to the economy in an efficient manner.

"I see the press as that strong salesman selling the policy to provide confidence to drive economic growth and activity. This is who you are as a group and you must live by these ideas and as your role is crucial for monetary policy, we at the Central Bank view this program as very important," he intimated.