Dont' create panic in the banking and finacial markets - BoG

The Head of Communications of the Bank of Ghana (BOG), Mr. Bernard Otabil, has asked business and financial journalists not to create panic in the banking and financial markets through speculation.

He indicated that the financial markets “are very responsive” and that any misinformation could trigger panic that could potentially throw the markets into jeopardy.

This was why they needed to be more careful - circumspect in things that they published.

Mr. Otabil was speaking at an advanced training workshop held for financial journalists drawn from the Northern sector of the country in Kumasi.

It was organized by the Journalists for Business Advocacy (JBA) with support from Ecobank and BOG.

Among topics treated were “Monetary policy formulation in Ghana”, “Supervision of deposit taking banks”, “Regulation of microfinance industry in Ghana” and “Analysis, interpretation and reporting of financial statements”.

Mr. Otabil noted that accurate business and financial reporting was vital to helping the people take decisions and actions on their daily economic and financial activities.

It was also important for the players in the industry to have information on the market to adjust themselves appropriately to face competition or take the necessary precaution against possible threats.

He said it was on the basis of this that the financial journalist should have better understanding of the financial markets - to undertake professional analysis and interpretation of financial issues.

Mr. Abraham Adu-Kwarteng, Ecobank Zonal Manager for the Northern sector, said accurate and quality financial reporting was critical to boost investor confidence in the economy.

“Additionally, it helps them to take informed and firm investment decisions – to contribute to the growth and expansion of the economy.”

He encouraged the journalists to maximize the use of information and communication technologies to enhance their research and come out with first class financial information to the public.

Mr. Suleman Mustapha, President of JBA, said the aim of the training programme was to sharpen the skills of the members to provide timely and accurate information to the business community, especially to the small and medium scale enterprises to make the right business decisions.

He commended the Management of Ecobank Ghana for the three-year sponsorship package to assist upgrade the competence of the members through training.