BoG developing directive to regulate AI use in financial sector – Dr. Asiama

The Bank of Ghana is developing a directive to regulate the use of artificial intelligence (AI) in the financial sector as it seeks to promote innovation while addressing emerging risks.

Governor Dr. Johnson Pandit Asiama disclosed this on Thursday, October 29, at the launch of the maiden edition of Ghana in Numbers 2025 in Accra.

He said the central bank was also strengthening its institutional capacity to use data analytics and emerging technologies in policy analysis and decision-making.

“At the Bank of Ghana, we are advancing our institutional capacity in this area, including through the establishment of the Data Analytics and Artificial Intelligence Department, which forms part of our broader effort to strengthen data governance, expand analytical capabilities and promote the responsible use of emerging technologies in policy analysis and institutional decision-making,” he said.

He added, “We are also developing a directive to regulate the use of Artificial Intelligence (AI) in the financial sector, in line with our policy to promote innovation while at the same time addressing emerging risks.”

Dr. Asiama said advances in data science, artificial intelligence and machine learning offered opportunities to identify patterns, improve forecasts and assess risks using increasingly complex datasets.

He also called for the underlying data in the Ghana in Numbers 2025 report to be made available through an electronic portal in machine-readable formats.

“Such a platform would enable researchers, academia, policymakers and other users to apply artificial intelligence, machine learning and advanced analytical tools to explore the data more deeply and uncover patterns, interrelationships and correlations that may not be readily apparent from the published tables and charts alone,” he stated.

The report, launched by the Ghana Statistical Service, brings together official information on the country’s socioeconomic conditions, including monetary and financial-sector indicators.

Dr. Asiama said reliable statistics were essential for effective monetary policy, financial-sector regulation, transparency and accountability.