The Director of Communications of the Bank of Ghana (BoG), Bernard Otabil, has warned that fake financial news and misleading reports could inflict serious damage on Ghanaian households and businesses by triggering market panic, fuelling speculation and undermining economic stability.
He cautioned that misinformation and disinformation have become major threats to public confidence, particularly in an increasingly digital world where false claims about inflation, exchange rates and monetary policy can spread rapidly before accurate information catches up.
Mr Otabil delivered the warning on Monday, October 19, 2026, during the opening of a three-day Training Workshop for the Bank of Ghana Press Corps in Accra, where he stressed the importance of ethical financial journalism in protecting the economy.
His remarks placed the responsibility of financial journalists beyond reporting figures and publishing headlines, highlighting their influence on how ordinary Ghanaians understand economic developments and make decisions about their savings, spending and businesses.
Misleading Headlines Could Trigger Market Panic
Mr Otabil argued that financial reporting carries significant economic consequences because public reactions to news about inflation, exchange rates and interest rates can influence market behaviour.
He explained that inaccurate headlines could create unnecessary fear, encourage speculative activity and expose households and businesses to avoidable financial risks.
“The ethics of financial journalism matters because in finance, words move markets. A misleading headline on inflation, exchange rates, or the policy rate can create panic, fuel speculation, and hurt the very households and businesses we are trying to protect. Ethical reporting – grounded in verification, balance, context, and clarity – is our first defence against disinformation and misinformation.”
Bernard Otabil
The warning comes at a time when financial information travels across digital platforms at remarkable speed, making it increasingly difficult for the public to distinguish credible reporting from fabricated claims and misleading interpretations.
A sensational headline suggesting a sudden currency crisis, an unexpected policy shift or a sharp deterioration in inflation could influence public expectations before readers examine the facts behind the report.
Such developments make accuracy and context essential, particularly when journalists report on monetary policy decisions and other sensitive economic indicators.
AI-Generated Rumours Raise New Concerns
Mr Otabil also drew attention to the growing sophistication of misinformation, pointing to artificial intelligence and social media as channels that can amplify false financial narratives.
He noted that misinformation and disinformation are no longer peripheral concerns, citing the World Economic Forum’s Global Risks Report, which now ranks them among the most severe global threats.
“From deepfakes to AI-generated market rumours, from social media amplification to coordinated disinformation campaigns targeting currencies, no central bank and no country is immune. This is a global phenomenon, driven by technology and the speed of digital platforms, and it has undermined public trust everywhere.”
Bernard Otabil
The growing accessibility of AI tools has introduced fresh challenges for journalists, who must increasingly verify not only written claims but also digital content that may appear authentic while presenting false information.
In financial journalism, the consequences can extend beyond reputational damage to media organisations. False claims about the cedi, inflation or central bank decisions can distort public understanding and create uncertainty among people who depend on reliable information to manage their finances.
Mr Otabil’s warning therefore reinforces the need for journalists to establish the authenticity of information, consult credible sources and provide sufficient context before publishing stories that could influence economic expectations.
‘Accuracy Is an Economic Asset’
Welcoming participants on behalf of the Governor, Management and Staff of the Bank, Mr Otabil said the workshop forms part of the institution’s continued commitment to building a well-informed media.
He emphasised the relationship between public understanding, confidence and the effectiveness of monetary policy.
“monetary policy is most effective when it is understood, trusted and accurately communicated.”
He further explained that journalists serve as an important link between the central bank and the public, particularly because many citizens rely on media reports rather than reading detailed Monetary Policy Committee (MPC) statements and technical reports themselves. “Accuracy therefore is not just a professional virtue, it is an economic asset,” he stressed.
Mr Otabil added that ethical journalism contributes directly to public confidence and economic decision-making.
“When you uphold ethical standards, you do more than file a story – you anchor expectations, protect savings, safeguard economic stability, and help Ghanaians make informed choices.”
Bernard Otabil
His comments underscore the importance of responsible reporting in a country where developments in inflation, interest rates and exchange rates can affect household budgets, borrowing costs, investment decisions and business operations.
Three-Day Workshop Targets Financial Reporting Gaps
The training programme is designed to strengthen the Press Corps’ understanding of the Bank of Ghana’s operations and improve the quality of financial reporting.
According to Mr Otabil, the first day will focus on media reporting ethics, the mandate and regulatory role of the central bank, and the interpretation of its balance sheet.
The second day will examine the Domestic Gold Purchase Programme, foreign exchange market trends, inflation dynamics and the interpretation of MPC statements and individual member submissions, which he described as a major transparency reform.
The final day will feature case studies examining ethical dilemmas in financial journalism, giving participants an opportunity to consider how professional standards should guide reporting in difficult situations.
Mr Otabil, a former head of the Bank’s Ethics and Internal Investigations Office, also welcomed Suleiman Mustapha, the National Organising Secretary of the Ghana Journalists Association and a member of the Press Corps, alongside other participants who travelled to attend the programme.
BoG Pledges Stronger Media Partnership
Beyond the workshop, Mr Otabil reiterated the Bank’s commitment to strengthening its relationship with the media through expanded training initiatives, the Regional Press Corps, the Editors’ Forum, dedicated communication platforms and the Governor’s Economic and Financial Story of the Year Award.
He encouraged journalists to participate fully in the programme, ask questions and challenge the Bank where necessary.
The approach reflects the importance of maintaining a media environment in which financial institutions can be scrutinised while journalists have access to the knowledge needed to report accurately.
As financial information becomes increasingly vulnerable to manipulation, the challenge for Ghanaian journalists will be to balance speed with verification and compelling headlines with responsible context.
Ultimately, Mr Otabil’s intervention highlights the stakes involved in financial reporting: when false information influences public decisions, the consequences can reach far beyond the newsroom and into the pockets of ordinary Ghanaians.
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