By Nadia Ntiamoah
The Bank of Ghana (BoG) has called on the media to play a more responsible role in safeguarding the economic stability, warning that inaccurate and sensational reporting on the foreign exchange market could undermine confidence in the cedi and fuel unnecessary volatility.
Speaking at the Ghana Journalists Associations (GJA) World Press Freedom Honours Night 2026 in Accra, the Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, stressed that protecting the value of the local currency is a shared national responsibility that extends beyond policymakers to businesses, households and the media.
Delivering remarks on behalf of Governor Dr. Johnson Pandit Asiama, who was out of the country on official assignment, Asante-Asiedu said the media’s role in communicating economic developments has become increasingly important at a time when Ghana is working to consolidate recent macroeconomic gains.
According to her, the economy has made significant progress over the past two years, with inflation declining sharply, growth prospects improving and confidence gradually returning to the financial sector.
However, she cautioned that these gains remain fragile and could be threatened by misinformation and misinterpretation of economic developments.
She noted that Ghana operates a managed floating exchange rate regime where fluctuations in the value of the cedi are normal market occurrences.
However, reports that fail to provide proper context could trigger panic buying of foreign currencies and encourage speculative activities that place unnecessary pressure on the local currency.
“When these movements are reported without proper context, they can trigger unnecessary fear, leading to speculative demand for foreign currency and heightened volatility. In such situations, sentiment—not fundamentals—can temporarily drive market behaviour,” she stated.
Asante-Asiedu explained that currency stability has direct consequences for the daily lives of Ghanaians because a stable cedi helps keep import prices predictable, moderates transportation costs, stabilises the prices of essential goods such as food and medicines, and allows businesses to plan more effectively.
She therefore urged journalists to approach economic reporting with accuracy and responsibility, emphasizing that confidence in both the financial system and the media depends heavily on trust.
The Deputy Governor drew parallels between the banking sector and the media industry, arguing that just as confidence is essential for the stability of financial institutions, credibility remains the most valuable asset for journalists and media organisations.
“A bank can absorb temporary losses if confidence remains intact. A media organisation can withstand financial pressure if public trust is preserved. But when both confidence and trust erode, recovery becomes significantly more difficult,” she observed.
