The Bank of Ghana is developing a directive to regulate the use of artificial intelligence in the financial sector, Governor Dr. Johnson Pandit Asiama has announced, as the central bank seeks to balance innovation with the management of emerging risks.
Speaking at the maiden launch of the Ghana Statistical Service’s “Ghana in Numbers 2025” report in Accra, Dr. Asiama said the directive would strengthen data governance and ensure the responsible use of emerging technologies across banks and financial institutions.
“We want to promote innovation but at the same time address the emerging risks that can evolve from this,” he said .
Beyond Rhetoric: Building Internal Capacity
The directive is part of a broader institutional shift at the central bank. The Bank of Ghana has already established a dedicated Data Analytics and Artificial Intelligence Department to support policy analysis and institutional decision-making . The department was set up earlier in 2026 as part of efforts to ensure the central bank keeps pace with rapid technological transformation in global finance .
Dr. Asiama has previously identified specific risk areas the regulatory framework will address, including data quality, model risk, cybersecurity and consumer protection . The proposed directive forms part of the bank’s broader efforts to strengthen supervisory frameworks as digitalisation transforms financial services, with cybersecurity, digital fraud and third-party dependencies receiving increasing attention.
Data as the Bedrock of Policy
The Governor used the launch to push for a more open data ecosystem, calling for a dedicated electronic portal to make the data underpinning Ghana in Numbers available in machine-readable formats. Such a platform, he argued, would allow researchers and policymakers to apply advanced analytical tools to identify patterns not immediately apparent from published tables .
“As an inflation targeting central bank, our decisions are both forward-looking and data-driven all the time,” Dr. Asiama said, noting that accurate economic data helps the central bank assess inflation trends and their interaction with exchange rates, credit conditions and external developments .
Credit Conditions Show Marked Improvement
The Governor also highlighted significant improvements in lending conditions, which he attributed to the central bank’s macroeconomic management over the past two years. The average lending rate has fallen from 30.25% in December 2024 to approximately 15.7% in September 2026, while growth in real private sector credit has strengthened from less than 1% to 26.4% over the same period .
Inflation has remained in single digits for 13 consecutive months, though it ticked up to 5.2% in September 2026 from 5.0% in August, according to Ghana Statistical Service data . The exchange rate has been relatively stable despite external headwinds, and the Governor said the resilience of the banking sector had improved significantly.
Youth and the Demographic Dividend
Commenting on the publication’s theme, “Youth and the Demographic Transition,” Dr. Asiama said Ghana’s large youth population presents significant opportunities for innovation and entrepreneurship. However, he cautioned that realising this potential would depend on equipping young people with relevant skills, supporting enterprise development and creating an enabling environment for investment.
He urged stakeholders to treat Ghana in Numbers 2025 as more than a statistical publication, describing it as a national resource for assessing the country’s progress and informing decisions about its economic future.
