The Bank of Ghana is developing a new directive to regulate the use of artificial intelligence (AI) in the financial sector as banks and other financial institutions increasingly adopt the technology in their operations.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, announced this at the launch of the maiden edition of the Ghana in Numbers 2025 report in Accra on Thursday, October 29, 2026.
He said the directive would provide guidelines for the responsible use of AI while addressing potential risks associated with its growing application in financial services.
“We are also developing a directive to regulate the use of Artificial Intelligence in the financial sector, in line with our policy to promote innovation while at the same time addressing emerging risks,” he stated.
AI is increasingly being used in areas such as loan assessments, fraud detection, customer identification and risk management. However, its growing influence also raises concerns about data privacy, consumer protection and accountability, particularly where automated systems are involved in making financial decisions.
Dr Asiama noted that advances in data science, artificial intelligence and machine learning present opportunities for improving economic analysis, forecasting and risk assessment.
He disclosed that the Bank of Ghana had established a Data Analytics and Artificial Intelligence Department to strengthen its analytical capacity, improve data governance and support the responsible use of emerging technologies in policymaking.
The Governor also called on the Ghana Statistical Service (GSS) to establish a dedicated electronic portal where the underlying data in the Ghana in Numbers report could be accessed in machine-readable formats.
According to him, making the data readily available would allow researchers, universities, policymakers and other users to apply AI and advanced analytical tools to identify economic trends and relationships that may not be immediately apparent in published reports.
Dr Asiama stressed that reliable statistics were essential to sound economic management, particularly for an inflation-targeting institution such as the Bank of Ghana, which depends on accurate and timely data to guide monetary policy.
“Reliable statistics do more than inform policy. They strengthen transparency, enhance accountability and promote public confidence in institutions,” he said.
He added that credible economic data also helped businesses and investors assess market conditions, manage risks and make informed investment decisions.
The Governor further highlighted improvements in Ghana’s credit market, revealing that the average lending rate had declined from 30.25% in December 2024 to 15.78% in September 2026.
Real private-sector credit growth also increased from 0.20% in December 2024 to 26.42% in September 2026, reflecting improved lending conditions.
He attributed the developments to improvements in the broader macroeconomic environment, noting that inflation had remained in single digits for 13 consecutive months, while the cedi had recorded relative stability despite external pressures.
Dr Asiama said the improved economic conditions were creating opportunities for businesses to invest and expand, particularly young entrepreneurs seeking access to finance.
He, however, emphasised the need to strengthen financial inclusion and make financial services more accessible and affordable to young people, women, micro, small and medium-sized enterprises, and underserved communities.
The maiden edition of the Ghana in Numbers 2025 report focuses on the theme, “Youth and the Demographic Transition,” highlighting the importance of Ghana’s youthful population to the country’s long-term economic development.
Dr Asiama said the country’s ability to benefit from its youthful population would depend on investments in skills development, access to finance and an enabling environment for entrepreneurship and job creation.
He called for the report to serve as a lasting national reference for understanding Ghana’s economic conditions, tracking development and supporting evidence-based decision-making.
