Journalists urged to Safeguard Gains of the recent Banking Sector Reform

The Governor of the Bank of Ghana, Dr. Ernest Addisson, has urged financial journalists to be alive to their duties to help unearth financial irregularities within the financial space in the country in order to consolidate the gains made in the financial sector following the banking sector reforms which were aimed at ensuring financial stability in the country.

According to him, the financial journalist has a peculiar role to play not only in the dissemination of financial policies to economic agents within the financial space but also has the duty to safeguard the financial stability processes because there exists a strong link between the performance of the role of the financial journalist and the sustenance of the gains made so far.

“Going forward, I believe strongly that financial journalists would have to be more intrusive in their quest for knowledge and must be prepared to help unearth irregularities within the financial space to sustain the process and ensure financial stability.

“It is clear at this stage that there is a strong link between the role of the financial journalist and sustenance of financial stability. The years ahead will be challenging and I entreat you all to be diligent and master courage in the discharge of your duties,” he emphasized.

This was made known in an address delivered on behalf of the Governor by the Director of Research at the Bank of Ghana, Philip Abradu-Otoo, during a two-day training workshop for members of the Private Newspaper and Publishers Association of Ghana (PRINPAG) in Ho in the Volta Region.

The Training Workshop which was held under the theme: The Role of the Media in Monetary Policy and Financial Stability Reporting, was held under the auspices of the Bank of Ghana in its quest to deepen the knowledge of financial journalists in the advancement of sound fiscal policies and the efficient transmission of monetary policies among others.

According to the Central Bank, it sees the Press as a “Strategic partner and an important stakeholder in helping to communicate and sensitize the public about the Bank’s policy decisions” as enshrined in the literature of the Central Bank’s Communications which explains that “good communications of the Central Bank’s intentions to economic agents helps with proper transmission of policies.”

The Central Bank has therefore embarked on these training programmes across the country to upgrade the knowledge of financial journalists about the workings of the Bank and its policy decisions in dealing with some of the financial bottlenecks in the financial and monetary space.

The Deputy Volta Regional Minister, Hon. Johnson Avuletey, who delivered the keynote address on his part, indicated that the role of the financial journalist is very crucial in providing adequate and reliable information about the economy to economic agents.

He therefore underscored the need for the financial journalist to ensure adequate information is disseminated on the monetary and fiscal policy issues among others as well as information on the Central Bank about measures being taken to stabilize the Banking sector.

The Vice President of the Association, David Tamakloe, who delivered the welcome address, indicated that the Central Bank’s role in the economy with policy interventions cannot be overemphasized likewise the role of the media to bridge the communication gap to inform the people about the workings in the financial sector.

He observed that the lack of interest by the media in financial matters and the unwillingness by technocrats to give adequate information to the media was partly responsible for the dearth in information in the financial sector which led to the meltdown in the sector.

He therefore called for the need for such training programmes to be organized on a regular bases to forestall a repeat of what was witnessed in the financial space.

Source: Clement Akoloh || africanewsradio.com