The Bank of Ghana (BoG) has said it sees the media as a strategic partner and important stakeholder in helping discharge its duties and achieve its mandate.
In a statement read on his behalf by Mr Philip Abradu-Otoo, Director of the Research Department at the BoG at a workshop for members of the Institute of Financial and Economic Journalists (IFEJ) in Koforidua over the weekend, the central bank Governor, Dr Ernest Addison called on the media to do more research and also be prepared for the challenges ahead.
“At the heart of the role of the media is how they help facilitate the transmission mechanism. As a matter of fact, the literature on central bank communication explains that when the central bank is able to properly communicate their policy intentions to economic agents with a buy-in, it helps with the proper transmission of policies.
“What the textbooks fail to explain is the role of the media and the quality of education of economic agents. When the media is well knowledgeable on the issues at stake and can explain these to well-educated economic agents, transmission of policies to the public becomes whole and there is full assimilation of policies.
“And, so, the press, the freedom they exert, their understanding of issues and how they propagate the issues to an educated public are all critical elements required for full transmission of policies to take hold.
“These are all essential ingredients for managing and anchoring inflation expectations and underscores the role of the media in ensuring effective and successful implementation of our current Inflation Targeting framework of monetary policy which relies heavily on communications.”
He added: “Since its inception, and in its 17-year history, the Monetary Policy Committee (MPC) has had 91 successful MPC meetings and the process has seen the press being a principal agent and medium for helping transmit the Committee’s decisions to the public. The Press has also used the platform to seek answers to thought-provoking issues on monetary and financial sector policies including on many issues outside the purview of monetary policy.”