Central bank reiterates need for good business journalism

The deputy governor of the Bank of Namibia (BoN), Ebson Uanguta, has highlighted the crucial role of economic reporting on central banking and economic issues.

He said this during a two-day annual economic media reporting workshop at Swakopmund on Wednesday.

Uanguta elaborated on the interconnection of global economies and the consequent impact on economic and financial reporting.

“Economic and financial reporting plays a vital role in shaping public opinion, driving policy decisions, fostering social cohesion and promoting economic development and growth,” he said.

Understanding complex economic mechanisms, especially in the realm of central banking, is essential, the deputy governor said.

According to him, effective and precise reporting on these subjects encourages transparency, accountability and fosters public trust in the financial system.

“Economic journalism is a vital part of a free and democratic society. It allows citizens to make informed decisions about their lives and their government,” Uanguta said, stressing the need for journalists to strive for accuracy and objectivity, relying on credible sources and expert opinions.

He also touched upon the rapid evolution of the media landscape and the need for journalists to possess the necessary skills to comprehend and effectively communicate economic concepts.

Discussing the Bank of Namibia’s relationship with the media, Uanguta affirmed BoN’s commitment to transparency and its continued efforts to foster the media industry.

“We prioritise the strengthening of bonds with the media to enhance the quality of journalism training in Namibia,” he said.

Uanguta emphasised the need for local journalists to understand economic concepts to effectively report on the region’s economic activities.

The workshop was aimed at business and economic reporters, and aspiring journalists.

It provided in-depth knowledge on a variety of economic concepts, including monetary and fiscal policies, central banking functions, and financial intermediation, among other relevant topics.

The workshop included sessions on central banking, the regulation of banks, monetary policy, and financial markets, among other topics.

Several journalists who attended the workshop provided positive feedback.

Rauna Kalola of the Ministry of Information and Communications Technology said the workshop was very informative, and what stood out for her was the understanding of the importance of central banks in an economy.

“However, companies should understand they can only educate us on their sectors, but they can’t tell us what and how to report about them,” she said.