“A reduction in inflation does not mean prices are coming down; it only means prices are increasing at a slower rate,” Prof. Godfred A. Bokpin, Professor of Economics at the University of Ghana, has cautioned, as he led journalists through Ghana’s macroeconomic framework and budget systems.
He explained that macroeconomic stability is achieved through the coordination of fiscal and monetary policies aimed at ensuring low inflation, low unemployment, exchange rate stability, fiscal discipline, and inclusive economic growth.
Prof. Bokpin noted that price stability occurs when changes in prices are minimal and predictable over time. He added that public finance plays key roles in revenue generation, resource allocation, income redistribution, and economic stabilisation through fiscal policy tools.
He also took participants through Ghana’s budget cycle, which includes Medium-Term Development Planning, budget formulation and approval, execution, monitoring, and audit and evaluation. He further explained the Public Expenditure and Financial Accountability (PEFA) framework, which assesses public financial management across seven pillars, including budget reliability, transparency, fiscal strategy, and external audit oversight.
The training is expected to strengthen journalists’ capacity in analysing budgets, tracking public expenditure, and producing evidence-based reporting on governance and public finance.
The workshop, organised by GIZ in partnership with the Media Foundation for West Africa (MFWA), brings together selected media practitioners from across Ghana’s northern and middle belt regions.
It is aimed at deepening understanding of fiscal decentralisation, improving budget literacy, and enhancing media oversight of public financial management systems.
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