The Bank of Namibia has emphasized the crucial role of accurate and reliable information in maintaining financial stability. Governor Ebson Uanguta, speaking through technical adviser Romeo Nel, addressed the launch of the Bloomberg Media Initiative Africa financial journalism training programme in Windhoek. Uanguta highlighted that financial systems depend on sound information to facilitate informed decision-making.
Inaccurate, incomplete, or misunderstood information can lead to poor decisions and compound errors quickly, Uanguta warned. He cited the collapse of confidence in Silicon Valley Bank in the United States in March 2023 as an example of how quickly information can trigger action. The incident demonstrated the importance of responsible financial reporting in shaping public understanding and confidence.
Uanguta stressed that financial journalism is a critical component of price and financial stability. He urged journalists to turn data into understanding, promote financial literacy, and subject institutions to scrutiny. The governor emphasized that independent, accurate, and evidence-based reporting is essential, particularly when reporting on monetary policy decisions.
The governor cautioned reporters against simply repeating information provided by institutions, stating that it adds nothing to stability but rather volume. He encouraged journalists to question economic data rather than simply reporting figures. Uanguta suggested that reporters ask what drives changes in the data, whether the changes are temporary or persistent, and who is affected.
The training programme is timely, given Namibia's recent oil discoveries in the Orange Basin, which have raised expectations of future economic growth and opportunities. Uanguta noted that reporters will play a vital role in helping the public distinguish between discovered and decided information, as well as opportunity and certainty.
Uanguta emphasized the need for sound, data-driven economic policy, greater transparency, and clear, accurate communication through the media to navigate Namibia's economic transformation successfully. He urged journalists to carry a few questions into every data release to ensure accurate reporting.
The governor concluded by warning against rushing to publish financial information without verification, highlighting that being first but wrong can have costly consequences. The Bloomberg Media Initiative Africa financial journalism training programme aims to equip journalists with the skills to report accurately and responsibly on financial matters.
Key points
- Bank of Namibia governor Ebson Uanguta emphasizes the importance of accurate and reliable information for financial stability.
- Uanguta urges journalists to scrutinize institutions and promote financial literacy through independent, accurate, and evidence-based reporting.
- The training programme aims to equip journalists with skills to report accurately and responsibly on financial matters, particularly in the context of Namibia's economic growth and opportunities.
