The Bank of Ghana (BoG) has urged the media to exercise restraint and provide adequate context in reporting exchange rate movements.
The Central Bank cautioned that unbalanced narratives could exacerbate volatility in the cedi.
Mrs Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana, said while fluctuations in the value of the cedi were normal under Ghana’s managed floating exchange rate regime, inaccurate or incomplete reportage had the potential to trigger panic reactions in the market.
Speaking at the World Press Freedom Day Honours Night organised by the Ghana Journalists Association in Accra, Mrs Asante-Asiedu explained that daily movements in the exchange rate did not necessarily signal economic distress.
“In such a system, daily movements both appreciation and depreciation are normal. They reflect market activity, not necessarily crisis conditions,” she said.
She observed that when these movements were reported without proper explanation, they could create fear among the public and lead to increased demand for foreign currency.
“Such situations may result in speculative demand for foreign exchange and heightened volatility,” she said.
The Second Deputy Governor added that market sentiment, rather than economic fundamentals, could sometimes influence currency behaviour.
Mrs Asante-Asiedu emphasised that the implications of exchange rate instability extended beyond financial markets to affect businesses and households, including pricing of goods and services and long-term planning.
She noted that a relatively stable cedi contributed to predictable import prices, moderated transport costs, and stabilised the cost of essential commodities such as food, rent and medicines.
The Second Deputy Governor stressed that maintaining currency stability required collective national effort and not solely the responsibility of monetary authorities.
“Protecting the value of the currency is a shared national responsibility of policymakers, businesses, households and especially the media,” she stated.
She, therefore, called on journalists to deepen their understanding of economic and financial issues to ensure accurate reporting that would support informed public discourse and safeguard market confidence.
Mrs Asante-Asiedu reiterated that the Bank of Ghana recognised the critical role of the media in communicating monetary policy decisions and shaping public expectations, particularly given the complexity of such policies.
She said the central bank had intensified engagement with journalists through training programmes and regular interactions to improve reporting on financial and economic issues.
“As we do so, let us remember, a responsible press informs without inflaming, questions without prejudging, and reports without distorting,” she said, cautioning against misinformation and disinformation.
The event was on the theme: “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security.”
It brought together journalists, media owners, policymakers, development partners and civil society organisations to celebrate media freedom and honour media organisations and veteran journalists for their contributions to Ghana’s democratic development.