The Central Bank of Ghana (BoG) is promising the public that it will continue to speak more, explain more, and engage more, as part of its commitment to deepen transparency, rebuild trust, and strengthen accountability in the country’s financial system.
This renewed push was announced by the First Deputy Governor of BoG, Dr. Zakari Mumuni, at the Governor’s New Year Engagement on Friday.
Dr. Zakari, who was speaking at the event, emphasized that the era of quiet central banking is long gone. In its place, the central bank is deepening what he described, half-jokingly but firmly, as “open mouth operations” to match its traditional open market operations.
The first deputy governor noted that the BoG’s engagement with the media and the public is going to be normal business as usual.
“This afternoon is not just about reflection; it is also about appreciation. Appreciation of your work as media practitioners in enhancing the policy transmission mechanism of the bank. And to let you also know that, as well as our open market operations, we also do open mouth operations,” he noted.
Not Just Another Media Soiree
Dr. Mumuni stressed that the engagement was deliberately different from the routine Bank of Ghana media briefings journalists have grown accustomed to over the years.
He noted that this is not the normal Bank of Ghana media soiree. He further explained that the event was designed to deliberately strengthen the working relationship between the Bank and the media.
The goal, according to him, is to deepen collaboration, reinforce the Bank’s institutional image, and reassure the public that transparency and accountability remain at the heart of its operations.
For a central bank whose decisions affect interest rates, inflation, exchange rates, and ultimately household budgets, he noted that building trust and confidence with the media that carries its stories is critical.
Why Talking Matters More Than Ever
Dr. Mumuni placed strong emphasis on communication as a policy tool, not an afterthought. Quoting former European Central Bank President Mario Draghi, he reminded journalists that “central bank communication is right at the heart of monetary policy. It is a monetary policy tool in itself.”
He reflected on how dramatically central banking has changed over the past two decades. There was a time, he noted, when central banks operated behind closed doors, spoke sparingly, and showed little concern for how the public understood their actions.
The governor recalled that as recently as the early 1990s, the US Federal Reserve did not even announce its interest rate decisions. Markets were left to guess by watching price movements.
“That sounds unbelievable today,” he said, noting that it was only in 1994 that the Fed began announcing its rate decisions publicly and in real time.
The Media as a Policy Partner
Beyond transparency, Dr. Mumuni acknowledged the media as a critical partner in making monetary policy effective. He praised journalists for helping translate complex policy decisions into language ordinary Ghanaians can understand, describing this role as vital to the Bank’s policy transmission mechanism.
He acknowledged that when inflation targets are set, interest rates adjusted, or new regulatory measures introduced, he said, it is the media that carries these messages into homes, markets, offices, and boardrooms across the country.
In that sense, communication is not just about press conferences. It is about ensuring policies actually work in the real economy.
Looking Ahead: A Stronger Bond in 2026
As 2026 unfolds, Dr. Mumuni said the relationship between the Bank of Ghana, the media, and the public will become even more important.
The apex bank says that as it navigates monetary policy and supervision of the banking sector, it will prioritize open communication, which will be key to sustaining public confidence and guiding expectations.
“As 2026 rolls on, the synergy between us, the media, and the Bank of Ghana will be more critical than ever. Together, we will continue to foster trust, drive innovation, and empower the public with information that shapes decisions and builds confidence,” Dr. Mumuni Zakari emphasized.
With this renewed commitment, the central bank is not only prioritizing managing liquidity and interest rates behind the scenes but also deliberately stepping forward to explain its actions, listen to feedback, and remain accountable to the public it serves.
