Monetary Policy Communication

09/25/2017 - 09/29/2017 at Accra, Ghana

Communication is key for building credibility for monetary policy. It is also crucial to consolidate the gains and ensure the continued progress in the areas of inflation forecasting, monetary policy analysis and monetary policy implementation that has already occurred in the region. Communication also plays an important role in building general knowledge about the central bank and its role in the economy. As central banks in the region develop, they also become more transparent in line with best practice. Being transparent, however, is not necessarily the same as communicating, and the demand from central banks for assistance in building their communications capacity is steadily increasing.

The purpose of this jointly organized seminar is to further develop central banks’ capacity to communicate monetary policy in a way that is suitable to their overall capacity and the prevailing environment in each country, thereby strengthening the implementation of monetary policy. The seminar will discuss the role of communications units, the nature of communication in the daily work of a central bank, and relevant strategic documents. Moreover, it will involve developing tools/channels for communication (webpage, reports, speeches, press releases, etc) and relations with stakeholders, especially with the media. The seminar will also cover internal communication of monetary policy, which is another important element in effective communication.

Some central banks in the region have already started to establish communication units and to develop communication strategies and policies, while others are just realizing this need. One valuable objective of the seminar will be peer learning by having the more experienced participants share their knowledge and experience. The joint participation of AFRITACs South and West 2 provides an opportunity for a richer and broader exchange of views and experiences. Other challenges facing central banks in the sub-Saharan African region, such as language barriers, relative financial illiteracy, and limited internet access, will also be discussed during the seminar.

The seminar will require close interaction among the participants, with the resource persons guiding the interactions. Representatives from select countries will be asked to make presentations based on their experience and current practice in some areas. The practical workshops during the seminar are designed to enhance the participants’ ability to use different tools/channels in communication and to think more strategically about communication.