The Central Bank of Liberia (CBL) orchestrated a one-day training session focusing on Monetary Policy Communications, targeting over 30 local journalists in Monrovia. This initiative underscores the CBL’s recognition of the crucial role journalists play in disseminating information about economic policies, particularly those with a direct impact on the public. Dr. Musa Dukuly, CBL Deputy Governor for Economic Policy, emphasized the significance of experienced journalists in educating the populace about financial and monetary policies. He expressed the CBL’s commitment to fostering a sustained and robust collaborative relationship with the media, envisioning this training as the inaugural step in a long-term partnership. Dr. Dukuly also stressed the importance of journalistic integrity, highlighting that credibility is paramount for attracting readership and maintaining public trust.
The training delved into the mechanics of monetary policy, its objectives, and its influence on the Liberian economy. Jefferson Kambo, Director of Research, Policy and Planning at the CBL, explained that a key function of monetary policy is to control inflation, aiming to keep it within single digits to achieve economic stability. He further elaborated on the CBL’s role in maintaining financial stability and supporting government economic programs, reinforcing the interconnectedness of monetary policy and overall economic well-being. This emphasis on inflation control highlights the CBL’s commitment to maintaining a stable economic environment conducive to growth and development.
Rajie R. Adnan, Deputy Director for Monetary Policy, Research and Planning, provided a concise definition of inflation, describing it as a general increase in prices within an economy over a year. He underscored the pervasive impact of inflation, affecting various aspects of the economy, including monetary and structural policies. Addressing a common misconception, Adnan clarified that the CBL does not set the exchange rate; rather, it is determined by the market forces of supply and demand as reflected in the rates offered by licensed forex bureaus, commercial banks, and businesses. This clarification is crucial for public understanding of the dynamics influencing exchange rates and dispelling any misinformation.
Michael D. Titoe, Jr., Deputy Director for Macro-economic Forecast, Research, and Policy Planning, highlighted the Liberian economy’s vulnerability to global economic fluctuations due to its heavy reliance on imports and susceptibility to export market volatility. He emphasized the importance of understanding external shocks and their impact on the domestic economy. Titoe further stressed the effectiveness of monetary policy hinges on public comprehension of its underlying rationale. This underscores the significance of the training in equipping journalists with the knowledge to effectively communicate these complex economic concepts to the public.
The CBL’s proactive approach in engaging with the media demonstrates its commitment to transparency and public education. By equipping journalists with a deeper understanding of monetary policy, the CBL aims to facilitate informed public discourse and foster greater confidence in its policies. This training represents a significant step towards bridging the information gap between the central bank and the public, ultimately contributing to a more economically literate citizenry.
In essence, this training initiative signifies a crucial step towards fostering greater transparency and understanding of the CBL’s monetary policy. By empowering journalists with the necessary knowledge and skills, the CBL aims to ensure accurate and effective communication of its policies to the public. This enhanced understanding can contribute to greater public trust and confidence in the CBL’s efforts to maintain economic stability and promote sustainable economic growth. The training also serves as a platform for ongoing dialogue and collaboration between the CBL and the media, further strengthening the relationship and ensuring the accurate dissemination of information regarding monetary policy and its impact on the Liberian economy.
