The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has called on the media to report accurately and responsibly on the operations of the central bank, warning that sensational or poorly contextualised coverage can negatively influence market behaviour and undermine economic stability.
Speaking at the Governor’s New Year media engagement at the Bank Square in Accra on Thursday, Dr. Mumuni said communication has become a central tool of modern monetary policy, as words and narratives now play a critical role in shaping expectations and influencing economic outcomes.
“Central banking is built on trust, and trust is built on communication,” he said, stressing that media reportage can either reinforce confidence or amplify anxiety in the economy.
Dr. Mumuni noted that Ghana’s recent economic challenges — including high inflation, weakened confidence, and distorted market signals — required not only technical policy responses but also sustained efforts to rebuild trust. He said the Bank of Ghana remained focused on its core mandate of price stability, financial stability, and orderly markets throughout this period.
According to him, central banks occupy a unique position as public institutions that must operate independently of short-term political pressures, making public understanding of their actions especially important. He cautioned that incomplete or sensational reporting could distort perceptions, particularly in sensitive areas such as the foreign exchange market.
Ghana operates a managed floating exchange rate regime, Dr. Mumuni explained, where daily currency movements are normal and do not necessarily signal economic distress. However, he said exaggerated reporting of such movements can fuel panic-driven demand for foreign currency, increase volatility, and weaken confidence in the cedi.
“In this sense, reporting itself becomes a market signal,” he said.
The Deputy Governor highlighted the benefits of currency stability, noting that a stable cedi helps moderate import prices, transport costs, and the cost of essentials such as food, rent, and medicines. He disclosed that the cedi ended 2025 significantly stronger, reflecting improved economic fundamentals, disciplined policies, and renewed confidence in Ghana’s macroeconomic framework.
He described the currency’s performance as a “shared national gain,” adding that protecting the cedi is a collective responsibility involving policymakers, businesses, households, and the media. He praised the media’s role during the Cedi@60 campaign, which he said helped translate policy messages into positive public behaviour.
Dr. Mumuni also addressed public discussion around central bank losses, urging journalists to provide proper context. He explained that losses incurred by central banks during periods of crisis often reflect deliberate policy choices aimed at stabilising the economy, rather than financial mismanagement.
“What ultimately matters to citizens are the outcomes — lower inflation, stronger reserves, and a more stable currency,” he said.
In closing, Dr. Mumuni reaffirmed the Bank of Ghana’s respect for media freedom, while emphasising the responsibility that comes with it. He urged journalists to consider whether their stories clarify issues or inflame fears, and whether they contribute to strengthening or weakening public confidence.
“Every headline matters. Every story sends a signal,” he said, calling for continued collaboration between the central bank and the media to support economic stability and Ghana’s long-term progress.
Source: www.kumasimail.com
