Without media, economic policy means nothing to citizens – Dr Asiama

Economic policies mean little to citizens if they do not understand them, Dr Johnson Asiama, Governor of the Bank of Ghana (BoG), said, describing the media as an essential partner in promoting public understanding of economic developments.

Financial sector reforms, often technical and complex, could gain public trust only if journalists explained them in simple terms, including who benefited, what changed, and how citizens could protect their money.

Professional journalism, he said, served as society’s compass, helping the public distinguish facts from falsehoods and deepen their understanding of monetary policy, inflation, exchange rates, financial sector reforms, and digital finance.

Dr Asiama was speaking at the 30th Ghana Journalists Association (GJA) Media Awards on Saturday, noting that the Central Bank could not carry out its mandate in isolation from the media and professional journalists.

“Our policies are most effective when they are clearly understood by the public. Transparency, credibility, and accountability require open and effective engagement with all stakeholders, including the media,” Dr Asiama said.

He said the growing partnership between the Central Bank and the media had led to the establishment of the Governor’s Economic and Financial Story of the Year Award to encourage high-quality reporting and deepen public understanding of economic issues.

“Our objective is simple: to invest in the development of journalists who can continue to elevate the quality of economic and financial reporting in Ghana,” the Governor said.

At the just-ended GJA Media Awards, Ms Esther Aidoo of the Ghana Broadcasting Corporation (GBC) won the Governor’s Economic and Financial Story of the Year Award.

The award package includes sponsorship to attend the International Monetary Fund (IMF)/World Bank Group (WBG) Spring or Annual Meetings, a laptop, a one-year internet data subscription, and opportunities for fellowships and scholarships for further studies.

Dr Asiama said the Bank’s decisions affected every household, business, and market in the country, adding that accurate reporting helped Ghanaians understand why interest rates and prices changed and how the Bank worked to maintain economic stability.

He said improved economic understanding not only benefited the Bank but also empowered citizens to save better, borrow wisely, invest carefully and hold institutions accountable, thereby strengthening financial literacy.

On digital finance, he said the media played a crucial role in promoting safe adoption by educating the public on mobile money, digital payments, fraud risks, and consumer rights, especially as millions of Ghanaians increasingly conducted financial transactions without visiting bank branches.

Dr Asiama acknowledged that technological advancements have transformed how information is created, distributed, and consumed, giving citizens more opportunities to participate in public discussions and share information.

However, he said the same technologies had contributed to the spread of misinformation, disinformation, online abuse, misleading data and hate speech.

“As guardians of public discourse, journalists are essential for building social unity, encouraging well-informed discussions, and safeguarding democratic principles,” he said.

He urged journalists and media professionals to go beyond headlines and sensationalism and pursue depth, accuracy and context to ensure that economic reporting informed decisions rather than fuelled fear and confusion.

Dr Asiama reaffirmed the Bank’s commitment to working closely with the media, saying the partnership was not a favour to journalists but a necessity for a stable, transparent and inclusive economy.

The 30th GJA Media Awards were held on the theme: “Celebrating Excellence, Advancing Media Freedom and Combating Hate Speech in the Digital Age,” with stakeholders emphasising the need to protect press freedom while promoting responsible journalism.