Current inflation rate extremely high, affecting standard of living - BoG Communication Director

The Director of Communication at the Bank of Ghana, Bernard Otabil, has described inflation as an "armed robber" stealing from the pockets of Ghanaians.

Speaking at a media capacity-building workshop in Ho, Otabil stressed that Ghana's current inflation rate is alarmingly high, eroding people's earnings and negatively impacting their standard of living.

The workshop was designed to equip journalists in the Volta Region with the necessary knowledge and skills to understand and effectively report on inflation, its causes, and its broader effects on the country.

Otabil emphasized that the high inflation rate remains a pressing concern, making accurate and responsible reporting crucial for public education.

During the session, the Volta and Oti Regional Chairman of the Ghana Journalists Association, Emmanuel Agbaxode, encouraged journalists to maintain balance and accuracy in their reportage before publication. He commended the Bank of Ghana for organizing the workshop, highlighting its significance in enhancing the capacity of journalists. Agbaxode further urged periodic training sessions to help media professionals refine their skills and meet growing expectations in financial reporting.

The two-day workshop provided participants with an in-depth understanding of inflation and its economic and societal implications. Discussions covered topics such as accurate media reporting, macroeconomic analysis, and the importance of macroeconomic indicators. Journalists also explored monetary policy practices in Ghana, inflation dynamics, developments in the foreign exchange markets, and the interpretation of Monetary Policy Committee data packs.

By improving journalists' ability to report on inflation effectively, the workshop is expected to foster greater public awareness and encourage informed discussions on economic issues. This initiative comes at a crucial time, reinforcing the role of the media in shaping financial literacy and policy discourse in Ghana.