The Bank of Ghana (BoG) is developing a regulatory directive to guide the use of artificial intelligence (AI) across the financial sector, as the central bank seeks to balance technological innovation with safeguards against emerging risks.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the proposed directive would promote responsible AI adoption while strengthening data governance and improving decision-making within financial institutions.
“We want to promote innovation but at the same time address the emerging risks that can evolve from this,” he said.
Dr Asiama made the disclosure at the maiden launch of Ghana in Numbers 2025, published by the Ghana Statistical Service (GSS) in Accra.
As part of efforts to strengthen the central bank’s capacity to harness emerging technologies, he said the BoG was establishing a Data Analytics and Artificial Intelligence Department to support policy analysis and institutional decision-making.
The initiative reflects the growing importance of data-driven approaches to financial regulation and monetary policy, particularly as financial institutions increasingly explore AI-powered tools and analytical systems.
BoG seeks improved access to economic data
Beyond AI regulation, Dr Asiama called for the establishment of a dedicated electronic portal through which users could access the data underpinning Ghana in Numbers in machine-readable formats.
He said the platform would enable researchers, policymakers, academics and businesses to apply advanced analytical tools to identify economic patterns and relationships that might not be immediately evident from published tables and charts.
The Governor stressed that reliable and timely statistics were essential for monetary policy formulation, financial sector supervision and business planning.
“As an inflation targeting central bank, our decisions are both forward-looking and data-driven all the time,” he said.
He explained that accurate economic data helped the central bank assess inflation trends alongside movements in exchange rates, economic activity, credit conditions and developments in the external environment.
Reliable statistics, he added, also enabled businesses and investors to evaluate economic conditions, manage risks and make informed investment decisions.
Dr Asiama welcomed the inclusion of a dedicated monetary and financial sector section in the publication, which draws substantially on official data from the Bank of Ghana. The section covers indicators such as inflation, interest rates, credit to businesses and households, foreign reserves and banking sector conditions.
Lending rates decline as private sector credit expands
The Governor also highlighted improvements in lending conditions and private sector credit growth, which he attributed to the central bank’s macroeconomic management efforts over the past two years.
He said the average lending rate had declined from 30.25 per cent in December 2024 to approximately 15.7 per cent in September 2026.
Growth in real private sector credit, he added, had increased from less than one per cent about two years earlier to 26.4 per cent at the end of September 2026.
Dr Asiama further reported that inflation had remained in single digits for 13 consecutive months, while the exchange rate had been relatively stable despite external pressures.
He said the resilience of the banking sector had also improved significantly during the period.
Maintaining macroeconomic stability and strengthening the financial system, he noted, were essential to expanding access to finance and supporting productive economic activity.
The central bank was also pursuing complementary initiatives to improve financial inclusion and financial health while encouraging responsible innovation.
These efforts are intended to make formal financial services more accessible, affordable and convenient, particularly for young people, women, micro, small and medium-sized enterprises, and underserved communities.
Youth skills and entrepreneurship critical to growth
Addressing the publication’s theme, Youth and the Demographic Transition, Dr Asiama said Ghana’s large youth population offered considerable opportunities for innovation and entrepreneurship.
He cautioned, however, that realising these opportunities would require relevant skills development, support for enterprise creation and an enabling environment for investment.
He said reliable demographic, social and economic data would help policymakers identify gaps in opportunities and design interventions that respond to the needs of young people.
The Governor urged stakeholders to regard Ghana in Numbers 2025 as more than a statistical publication, describing it as a national resource for measuring progress and informing decisions about the country’s economic future.
