MONROVIA-The Central Financial institution of Liberia (CBL) has made clearly identified its place, focus and aim within the execution of its core duties in step with the Act establishing it, vowing to be extra open, clear and related to the general public within the dissemination of its insurance policies in method that ensures and offers higher and clearer understanding to the general public.
Deputy Governor for Financial Coverage, Dr. Musa Dukuly in an announcement on the opening of a one-day communication coaching on financial coverage, underscored the CBL’s dedication to fostering an atmosphere of transparency, whereas on the identical time selling dialogue and openness.
The one-day knowledge-gathering coaching sought to offer understanding to media practitioners to have the ability to interpret financial coverage and enhance public communication.
“We wish to construct bridges, not partitions between policymakers and the press,” Dr. Dukuly emphasised, saying additionally that the occasion is a starting of a longtime partnership between CBL and the press.
“Let this be a starting of a deeper, extra knowledgeable partnership to reinforce the effectiveness financial journalism in Liberia,” Dr. Dukuly superior, and added that “Liberia wants a financially literate citizenry” which is achievable “when the media is supplied to report precisely, thoughtfully, and with integrity.”
CBL, he stated, is of the idea that knowledgeable journalism is crucial to financial growth, disclosing that financial coverage impacts each Liberian from “the value of meals to job alternatives.”
Apparently realizing the significance of media within the truthful and balanced propagation of presidency’s financial coverage, Dr. Dukuly sees the media function as not simply reporting information, however strategically shaping how residents perceive the economic system and the way they reply to modifications within the financial and monetary coverage.
“The media, with out query, is among the most influential actions in a functioning democracy,” the CBL Deputy Governor indicated. “And in a fragile economic system like ours, your affect turns into much more pronounced,” he went said additional.
In response to him, financial coverage isn’t so simple as it might be seen or considered, however may be advanced, even for economist. “But its impacts are actual and far-reaching, influencing inflation, rates of interest, trade charges and general financial stability,” Dr. Dukuly stated.
He cited situations within the West African area the place financial reporting with out the details misled the general public.
In Ghana, he dlsclosed {that a} misreporting of the Financial institution of Ghana’s overseas reserve place in 2022 created “pointless hypothesis within the FX market,” thus contributing to “volatility within the cedi” earlier than corrective clarifications have been made.
Nigeria, one other West African financial energy, he stated suffered comparable development on account of misreporting in 2021.
Comparable state of affairs, he stated, affected Kenya when a extensively circulated however inaccurate report on the federal government’s debt reimbursement capability in 2023 undermined investor confidence.
The state of affairs was reversed when the nation’s Central Financial institution and the Finance Ministry issued clarifications, Dr. Dukuly said.
These details, based on Dr. Dukuly, made it important for the CBL to interact with the media and supply them with the instruments wanted to higher report on the financial points, primarily financial coverage, which is the CBL’s important duty.
The coaching deal with key thematic areas together with financial coverage operations, definition of key phrases and software on inflation, coverage charges, Reserved necessities, cash provide and foundation level.
Different areas embrace ‘the affect of worldwide financial components on native economic system, financial coverage implementation by the monetary markets and financial coverage communication.’
Alphonso Toweh
Has been within the career for over twenty years. He has labored for a lot of worldwide media shops together with: West Africa Journal, Africa Week Journal, African Observer and did occasional reporting for CNN, BBC World Service, Sunday Instances, NPR, Radio Deutchewells, Radio Netherlands. He’s the present correspondent for Reuters
He holds first MA with honors in Worldwide Relations and a candidate for second grasp in Worldwide Peace research and Battle Decision from the College of Liberia.
