A three-day-training on financial and economic reporting for journalists and senior editors Thursday got underway at African Princess Hotel in Kotu.
The training, which is geared towards enhancing the capacity of journalists in economics, banking and financial reporting, is being organized by the Central Bank of the Gambia.
Speaking during the training, the Second Deputy Governor of Central Bank (CBG), Paul Mendy, explains that the bank has been playing a crucial role in managing the country’s economy underpinned by their mandate and clearly defined under the CBG Act of 2018.
The deputy governor highlights that the Central Bank wishes to strengthen the already cordial relationship between the bank and the media.
According to him, goals of achieving price and exchange rate stability amongst others have proven very difficult. Adding that recent world events have forced governments, businesses, and policymakers to devise new approaches and strategies to respond to the unpredictable economic realities/issues such as supply chain disruptions.
He disclosed that wars in Ukraine and Palestine, and the COVID-19 pandemic before them continued to pose significant challenges to the world and sub-Saharan Africa in particular.
“All this has rendered our work complicated, to this end, we at the Central Bank of The Gambia have deployed and continue to deploy effective tools in our relentless fight against inflation and other macroeconomic challenges facing the country,” he said.
However, the uncertainty and unpredictable nature of the global economy today has catapulted the need for reinforced partnerships between central banks and the media to the forefront and “looking forward to a strong and professional working relationship in achieving the goal of accurately, swiftly and constantly informing the Gambian people about our work.”
The President of the Gambia Press Union, Muhammed S Bah, says the Central Bank of The Gambia plays a pivotal role in the nation’s economic landscape. “Its mandate, as outlined, is multi-faceted, ranging from achieving and maintaining price and exchange rate stability to promoting sustainable economic development.
He adds that these are not just lofty goals but they are essential pillars upon which our economic prosperity rests.
According to Bah, as journalists, it is incumbent upon them to comprehend the intricacies of the central bank’s mandate.
“We must delve into its objectives, understand its policies, and scrutinize its actions because the decisions made within the central bank have a direct impact on the lives of every Gambian” he stated
President Bah noted that the partnership between journalists and the central bank should not be one-sided. “Just as we strive to comprehend the intricacies of monetary policy, so too should the central bank endeavor to understand the role of the media,” he added.
He therefore urged for a reciprocal exchange of knowledge, understanding and engaging in constructive dialogue, where journalists can learn about the intricacies of monetary policy, and central bank officials can gain insight into the workings of the media.
The GPU President applauded the initiative taken by the Central Bank of The Gambia to organize the training. “It is has shown their commitment to transparency and accountability,” he concluded.