Crisis Communication and Ghana's Financial Sector

Abstract

This study explores the place of crisis communication in Ghana's financial sector. It identifies and analyzes the various approaches that practitioners adopted to save the country from the brink of disaster a few years ago. In-depth interviews with eight public relations consultants and evidence from literature show stakeholders' dissatisfaction with the communication strategies implemented by some financial institutions. The combination of reactive/proactive and leadership communication/provocation approaches to managing the crises produced both positive and negative outcomes. Findings also show that if practitioners have the requisite knowledge and training as well as operate from a department wholly dedicated to public relations, crisis communication can produce the desired effect. The effectiveness can increase if the top management of the financial institutions gives the necessary support to the department. Ghana's crisis is proof that not recognizing public relations officers as central role players during a crisis can escalate the crisis rather than lessen it.