A training workshop on Monetary Policy and Financial Stability Reporting has been held for members of the Institute of Financial and Economic to improve their knowledge on the operations of the Bank of Ghana (BoG) for informed reporting.

The event was aimed at helping them to properly communicate on issues of the BoG to the public to inform their decisions and enhance development.

Participants were taken through issues relating to Monetary Policy Committee (MPC), Financial Stability amongst others.

In a statement read on his behalf by Philip Abradu-Otoo, the Director of the Research Department at the BoG, Dr Addison said : “To further consolidate the gains made within the banking sector as a result of the reforms and recapitalisation of the banking sector, the Bank of Ghana in May, 2019, embarked on an exercise to also sanitize the microfinance and savings and loans sectors.

“The media was once again instrumental in the successful implementation of the reforms within the financial sector by providing the medium through which the Bank of Ghana informed the public about events and policy actions. We acknowledge your positive contributions in this process as well.”

Going forward, he said : “I believe strongly that Financial Journalists would have to be more intrusive in their quest for knowledge and must be prepared to help unearth issues through Responsible Journalism. “By this process, the country should be able to tackle and help address, head-on, some of the actions that need to be taken to ensure financial stability.

“It is clear at this stage that a strong link exits between the role of financial journalists and sustenance of financial stability. The years ahead will be challenging, and I entreat you all to muster courage in the discharge of your duties.

“You represent the 4th Estate of the Republic and we expect nothing from you but more diligence and sustained hard work.” Dr Ernest Addison,

urged financial journalists to acquire more knowledge to unearth and publish
issues through responsible journalism to ensure financial stability in the
country.

Financial Journalists would have to be more intrusive in their quest for knowledge and must be prepared to help unearth issues through responsible journalism, Dr Ernest Addison, Governor of the Bank of Ghana, has said.
He further called on journalists to be bold to face the challenges in the years ahead.

In a related development, an official of the Financial Stability Department of the Bank of Ghana Naa Welbeck in a presentation said Ghana is taking the fight against money laundering seriously due to the effect of such practice on the economy and the country’s international image.

According to her most money launderers around the world use West Africa as their entry point into Europe.
To that end, she said, West African countries including Ghana have adopted strict measures to fight the menace.
Ghana, for example, she noted, has passed several anti-money laundering acts as part of the efforts to combat this criminal activity.

“For instance in Ghana we have taken measures which include the enactment of the Anti-Money laundering Act 2008 (Act749),” she said adding that: “We also have the Anti-money laundering (Amendment) Act 2014 (Act 874) and the Banking Act which all help in fighting against this menace.”

By Adu Koranteng

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