Dr Asiama Emphasizes Media's Role in Economic Policy Understanding

Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, has emphasized the importance of the media in helping citizens understand economic policies. He noted that without media, economic policies mean little to citizens. Dr Asiama made these remarks at the 30th Ghana Journalists Association Media Awards, where he described the media as an essential partner in promoting public understanding of economic developments.

Dr Asiama stressed that financial sector reforms, often technical and complex, require journalists to explain them in simple terms. This includes clarifying who benefits, what changes, and how citizens can protect their money. He believes professional journalism serves as society's compass, helping the public distinguish facts from falsehoods and deepen their understanding of monetary policy, inflation, exchange rates, and digital finance.

The Bank of Ghana Governor highlighted the growing partnership between the Central Bank and the media, which has led to the establishment of the Governor's Economic and Financial Story of the Year Award. This award aims to encourage high-quality reporting and deepen public understanding of economic issues. The award package includes sponsorship to attend the International Monetary Fund/World Bank Group meetings, a laptop, and opportunities for fellowships and scholarships.

At the 30th GJA Media Awards, Ms Esther Aidoo of the Ghana Broadcasting Corporation won the Governor's Economic and Financial Story of the Year Award. Dr Asiama reaffirmed the Bank's commitment to working closely with the media, stating that this partnership is not a favor to journalists but a necessity for a stable, transparent, and inclusive economy.

Dr Asiama emphasized that the Bank's decisions affect every household, business, and market in Ghana. Accurate reporting enables Ghanaians to understand why interest rates and prices change and how the Bank works to maintain economic stability. He believes improved economic understanding not only benefits the Bank but also empowers citizens to save better, borrow wisely, and hold institutions accountable.

The Governor also highlighted the media's crucial role in promoting safe adoption of digital finance by educating the public on mobile money, digital payments, fraud risks, and consumer rights. He acknowledged that technological advancements have transformed information creation, distribution, and consumption, providing opportunities for citizens to participate in public discussions but also contributing to the spread of misinformation.

Dr Asiama urged journalists to pursue depth, accuracy, and context in their reporting to ensure that economic reporting informs decisions rather than fuels fear and confusion. The 30th GJA Media Awards were held on the theme "Celebrating Excellence, Advancing Media Freedom and Combating Hate Speech in the Digital Age," emphasizing the need to protect press freedom while promoting responsible journalism.

Key points

• The media plays a crucial role in promoting public understanding of economic developments in Ghana.
• Dr Asiama emphasizes the importance of accurate reporting in enabling citizens to understand economic policies and make informed decisions.
• The Bank of Ghana is committed to working closely with the media to promote economic understanding and stability.