Ecobank, BoG Train Journalists on Economic and Financial Reporting

Journalists for Business Advocacy (JBA) with support from Ecobank and Bank of Ghana (BoG) has deepened the capacity of its members on financial and economic reporting.

The two day advanced workshop in Accra which was under the theme, ““Understanding Ghana's Financial Market: The Role of the Journalists,” trained members on Monetary Policy, Promoting Financial Stability, Regulating Microfinance Industry and Role of Journalists in Economic Reporting by academia and industry experts.

Members were introduced to innovative Ecobank products such as Ecobank Express Account, Ecobank Digital Marketing Strategy and Ecobank Rapid Transfer.

At the end of the two days training, members were awarded a certificate for full participation and successful completion of the two day programme which seeks to improve journalistic standards in financial and economic reporting in the country.

Speaking at the opening ceremony, the First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari said the role of the journalists in economic reporting is critical in shaping the understanding of the ordinary to appreciate the management of the economy.

He indicated that since the launch of the current monetary policy framework in 2002, following the passage into law of the Bank of Ghana Act 2002 (Act 612), the Central Bank has placed a lot of emphasis on transparency and communication in the policy process

Mr. Opoku-Afari noted that training of the financial sector reporter was critical, adding that financial development and efficiency had strong relations with economic conditions and development.

The First Deputy Governor stressed that journalists must begin to deepen their understanding in financial reporting, because wrong reportage could be detrimental to the Ghanaian financial system.

According to him, the Central Bank is committed to helping financial reporters to deepen their understanding and skills in financial and economic reporting.

The Executive Director of Ecobank, Mr. Morgan Fianko Asiedu noted that since the establishment of JBA 4 years ago, Ecobank has been a proud sponsor of the JBA annual workshops.

“We continue to do this as our contribution towards supporting the media in its role of educating, informing and entertaining the general public,” he stated.

Mr. Asiedu indicated that over 150 business journalists across the northern and southern parts of the country have benefited from these workshops, which have always focused on enhancing the skill base of members with respect to financial reporting.

He intimated that Ghanaians given what has happened in the financial services sector in recent times there is need for investors and depositors to be engaged and well informed at all levels.

According to him, a good understanding of the financial markets by journalists will position them to lead the discussions and to persuade the general public to continue to have trust in the banking system by continuing to patronize in a more discerning manner the various products offered their banks and other financial service providers.

“This is the surest way of ensuring financial inclusion, the safety of depositors and the preservation of the value of the savings and investments of our patrons,” he posited.

Mr. Asiedu said data from BoG reveals that despite having over 1,000 physical branches in total for universal banks, the number of bank accounts in Ghana is estimated to cover only 30% of the Ghanaian population.

According to him, this presents a low penetration and the need for us to work at reversing the trend.

“The Ecobank Mobile App, EcobankPay (SCAN + PAY service for MasterPass and mVISA), Cash Xpress, TBil14All and Xpress Points allow us to prudently employ technology as a means of equipping every Ghanaian with access to financial services conveniently and seamlessly,” he stated.

The President of JBA, Suleiman Mustapha expressed his profound gratitude to the sponsors for their unwavering support thus far.

He urged members of the team to make good use of the knowledge they have acquired freely to avoid misinformation and reporting in the sector.