The Deputy Governor for Economic Policy at the Central Bank of Liberia (CBL), Dr. Musa Dukuly, has emphasized the critical role of accurate and responsible economic journalism in safeguarding Liberia’s financial stability and supporting informed public discourse.
Speaking during the opening of a one-day training for journalists on monetary policy communication, Mr. Dukuly warned that poorly framed economic reports can erode trust, trigger panic, and even misguide policymaking.
The event, held in Monrovia, brought together members of the press for capacity building in understanding and communicating complex monetary policy and macroeconomic issues.
“Informed journalism is essential to economic development,” Dukuly, who spoke at the event on behalf of his boss, CBL Executive Governor Henry Saamoi, stated. “Your ability to interpret and communicate monetary policy clearly and accurately is vital to building public trust and economic stability.”
Citing examples from across Africa, including Ghana, Nigeria, and Kenya, Mr. Dukuly illustrated how misinformation and misinterpretation of economic data have led to severe macroeconomic consequences in those countries ranging from currency crashes to inflation spikes and panic in financial markets.
In one case, he pointed to the misreporting of Ghana’s foreign reserves in 2022, which contributed to the significant depreciation of the Ghanaian cedi and operational losses exceeding $5 billion for the Bank of Ghana. Similar consequences followed in Nigeria and Kenya due to misleading reports on inflation and debt sustainability, respectively.
“Some of the information may be factual,” Dukuly explained, “but reporting them without considering timing, framing, and potential implications could trigger economic instability. Even a single headline can cause a bank run if not handled with sensitivity.”
He recalled a similar situation in Liberia last December when a local media outlet published an article suggesting there was no money in the country’s banks. The claim, made by a contributing writer, prompted the Central Bank to issue a swift clarification to avoid public panic.
“Had that misinformation spread unchecked,” Dukuly warned, “it could have led to a run on banks, threatening the entire financial system, which holds over L$250 billion in deposits compared to a GDP of just under US$5 billion.”
Mr. Dukuly praised journalists who have helped demystify monetary policy in Liberia, including coverage of currency reform, inflation trends, and financial sector changes. He also lauded the efforts of media professionals in South Africa and Rwanda, where journalists have played instrumental roles in supporting public understanding of economic issues and holding governments accountable.
The training, organized by the CBL, is part of its broader commitment to transparency and public engagement.
“We want to build bridges, not walls, between the Central Bank and the media,” Dukuly said. “This is not just a one-time event. It marks the beginning of a deeper partnership for better economic journalism in Liberia.”
He encouraged journalists to use the session to ask tough questions, seek clarity, and deepen their understanding of monetary issues in the country. According to him, the Central Bank’s technical team is well-equipped and ready to provide support in clarifying economic concepts and correcting public misconceptions.
Dukuly reaffirmed the CBL’s dedication to fostering a financially literate society through open dialogue and media engagement.
“Liberia needs a financially literate citizenry,” he concluded. “That can only be achieved when the media is equipped to report accurately, thoughtfully, and with integrity. The stronger your reporting, the stronger our economy and democracy will be.”
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Top CBL officials and experts made insightful presentations, enlightening journalists on the basic monetary policy issues.
Mr. Jefferson Kambo, Director of Research, Policy and Planning Department at the CBL, presented on the Overview of Monetary Policy Operations at the CBL, while Mr. Rajie R. Adnan, Deputy Director, Monetary Policy Research, Policy and Planning, presented on the “Definitions of Key Terms and Application.” Mrs. Euphemia Swen-Monmia, Director, Financial Markets Departments at the CBL, made a quality and insightful presentation on “Monetary Policy Implementation Through the Financial Markets,” and Mr. Michael D. Title, Deputy Director, Macroeconomic Forecasting Research, Policy and Planning Department, made a presentation on “How Global Economic Factors Impact the Local Economy.” Mr. Francis Wilson, a consultant at CBL, spiced the training up with a presentation on “Monetary Policy Communication.”
