BoG Must Up Its Communication Game


The Bank of Ghana (BoG), last week announced measures it was introducing to stem the free fall of the local currency (Cedi), against its major trading currencies, especially the United States Dollar.

Since the measures were announced, a lot of groups have registered their protest, giving reasons why they thought it was going to affect their operations.

Following the announcement, the Governor of BoG, Dr. Henry Wampah held a press conference to expatiate on the measures.

It appears after all the explanations by the Governor, Ghanaians; especially traders are still at a loss about the measures introduced.
The BoG owes it to the people of this country, to ensure that Ghanaians are in sync with the decisions they have taken to protect the local currency.

We all have a responsibility to ensure that our currency, which is the legal tender is strong and it does not lose value.
The Central Bank need to up it game regarding communication, you cannot push something out there that looks ambiguous and go to sleep, expecting the layman to appreciate the issues.

Not too long ago, Merchant bank was sold to Fortiz Equity Fund, the transaction was supervised by the Central Bank. It generated a lot public debate.
People expected the BoG to take charge of the situation, the Governors explanation did not help matters, as he just scratched the surface, leaving so many questions unanswered.

Dr. Wampah, needs to get out of his comfort zone and begin to see his position as a public office. Information dissemination is very important when you are introducing any new thing.

We live in a country where we are averse to change; the only way to get people to buy into the change is when we communicate what is been introduced to their understanding.

BoG, should intensify its communication, else their policies and decisions will always be misinterpreted as currently happening in the measures to arrest the dollarization of the economy.

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