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By Amukelani Maphophe
The feeling at a recent panel discussion at Rhodes University was that news coverage of the global economic crisis showed a lack of financial literacy.
The title of the panel discussion, held by the Centre for Economics Journalism in Africa (CEJA), was Up to the job? Have the South African news media covered the global economic crisis adequately?
This is a problem because, as one of the panellists, Southern African correspondent for the Financial Times Richard Lapper, noted, “Economics is something active citizens need to be interested in and aware of”.
There was general consensus amongst the panellists that the news media’s coverage of the financial crisis and business news in general shows a lack of financial literacy. This has resulted in what Reg Rumney, Director of CEJA and panellist, noted was an unthinking repetition of incomprehensible financial jargon.
Remarking that the crisis presented an opportunity to look at what should be fixed, Rumney said that business journalists needed to move beyond repeating jargon, and being manipulated by being too close to sources.
"We need a sceptical examination of issues and events, and not only when there is a crisis."
The CEJA event was held at Rhodes University’s School of Journalism and Media Studies on the 2nd of April with Professor Fackson Banda, SAB-UNESCO chair of Media and Democracy as the chair person.
Also on the panel was Andrew Donaldson, Deputy Director-General: South African National Treasury, and Caroline Southey, former editor of the financial Mail.
In attendance were Rhodes’ Marketing and Communications Manager, Lebogang Hashatse as well as Vice Chancellor of Rhodes University Dr Saleem Badat.
Criticism was voiced about the news media’s inability to make the connection between the events shaking the world’s major economies and the South African situation. Also highlighted was the media’s failure to allocate dedicated resources for the coverage of what was said to possibly be the story of the century.
Although it was acknowledged that the economic crisis is not understood by many people it was agreed that many people feel the effects. Donaldson jokingly referred to the fact that he now routinely receives letters from other departments that begin with the sentence “In view of the financial crisis...”
Southey claimed that because of journalists’ lack of financial literacy, when it comes to subjects that deal with numbers “there is a suspension of journalistic principles such as inquisitiveness.”
Lapper added that Journalists need to avoid falling into the trap of accepting “conventional wisdom whether overwhelmingly positive or negative.” Instead, journalist need to always question the things they hear as well as find voices that oppose conventional wisdom.
Similar concerns were echoed by Dr Badat in relation to general news coverage by the South African media. Dr Badat asked if there is a possibility that the same conclusion could be reached about the media’s coverage of politics.
“My fear is that journalists are not even able to ask the questions,” said Dr Badat.