MONROVIA-The Central Bank of Liberia (CBL) Thursday, August 7, hosted a one-day intensive training on monetary policy communication for journalists. The training was aimed at improving the quality and accuracy of economic reporting in the country.
The training, held at the Bank’s headquarters in Monrovia, brought together representatives from private and public media entities and representatives from the Press Union of Liberia (PUL). They were drawn from both the print and electronic media. The presentations were made by monetary experts within the CBL. The CBL wants to strengthen the media’s role in shaping informed public discourse on economic matters.
Doing the formal opening of the training, Dr. Musa Dukuly, Deputy Governor for Economic Policy at the CBL, welcomed journalists and underscored the importance of the media in Liberia’s economic development.
“You Are Educators, Watchdogs, and Bridges” Dr. Dukuly emphasized that the media is not merely a conveyor of news but a critical partner in ensuring public understanding of complex monetary and fiscal issues.
“You are not just reporters,” he said, “you are educators, watchdogs, and bridges between complex policy decisions and the everyday lives of citizens.”
He stressed that the ability of journalists to clearly and accurately interpret economic policies such as inflation control, interest rate movements, exchange rate stabilization, and monetary supply decisions is essential to fostering economic stability and public trust.
A view of some of the journalists listening to the presentation from the CBL experts
Why the Training Matters
While acknowledging the technical nature of monetary policy, Dr. Dukuly said journalists are often the first—and sometimes the only—source through which the general public learns about economic issues. Misinformation, whether through misinterpretation or misreporting, can have far-reaching consequences.
“Inaccurate or poorly framed economic narratives can erode public trust, trigger panic, or even misguide policymakers,” he warned.
To illustrate the potential impact of economic misreporting, Dr. Dukuly cited examples from across the continent:
Ghana (2022): Misreporting on the country’s foreign reserves sparked unnecessary speculation and currency volatility.
Nigeria (2021): Misinterpreted inflation data led to exaggerated fears of hyperinflation, prompting public rebuttals by the Central Bank, Kenya (2023): An inaccurate report on debt repayment capacity briefly undermined investor confidence, Liberia (2024): A false claim by a local writer that “there was no money in the bank” forced the CBL to issue an official clarification to prevent panic.
Dr. Musa Dukuly, Deputy Governor for Economic Policy at the CBL, “These instances remind us of the delicate balance between disseminating information and the responsibility of precision,” he said.
Dr. Dukuly also acknowledged the positive impact of responsible economic journalism across Africa: In South Africa, journalists have held institutions accountable while simplifying complex monetary policies, in Rwanda, media has played a key role in educating the public on inflation and financial inclusion, in Liberia, several local journalists have been commended for their coverage of currency reform and inflation trends.
“These examples demonstrate that informed reporting strengthens transparency, accountability, and public engagement,” he noted.
The Deputy Governor reaffirmed the Central Bank’s commitment to openness and effective communication. He described the training not as a one-off event, but as part of a larger strategy to build lasting partnerships with the media.
“We want to build bridges, not walls, between policymakers and the press,” Dr. Dukuly stated. “Our technical teams are here to support you, clarify misconceptions, and help you report on the economy with depth and confidence.”
In closing, Dr. Dukuly urged journalists to take full advantage of the training by asking critical questions and engaging with economic concepts.
“Liberia needs a financially literate citizenry,” he said. “That can only be achieved when the media is equipped to report accurately, thoughtfully, and with integrity. ”He expressed hope that the engagement would mark the beginning of a stronger, more informed collaboration between the Central Bank and the nation’s media professionals.
As Liberia works to strengthen its economy and build public confidence in financial institutions, the role of journalists in demystifying economic policy has never been more vital. The Central Bank’s initiative reflects a growing recognition that transparency, trust, and stability begin with accurate and responsible journalism.
Alphonso Toweh
Has been in the profession for over twenty years. He has worked for many international media outlets including: West Africa Magazine, Africa Week Magazine, African Observer and did occasional reporting for CNN, BBC World Service, Sunday Times, NPR, Radio Deutchewells, Radio Netherlands. He is the current correspondent for Reuters
He holds first MA with honors in International Relations and a candidate for second master in International Peace studies and Conflict Resolution from the University of Liberia.
